DHFL crisis: Banks stare at huge provision burden if fraud is established
DHFL crisis: Banks stare at huge provision burden if fraud is established Its draft report has startling findings and says DHFL could have diverted funds to promoter-led entities Current Affairs :Banks which have credited to ambushed contract moneylender DHFL may need to accommodate the introduction inside weeks, if the record is treated as a deceitful one after bookkeeping substance KPMG’s finding. KPMG did a measurable review on DHFL. Its draft report has alarming discoveries and says DHFL could have redirected assets to advertiser driven elements. Banks have joined introduction of Rs 38,342 crore to DHFL, as term advances, non-convertible debentures and business paper, as indicated by the draft obligation goals plan. A senior official with a South-based open part bank stated: “While action identifying with rebuilding of DHFL is still in a work-in-progress state, banks need to accept an approach whether to get the Wadhawans (advertiser family) to collaborate, and sta...