Government appointed board of cash strapped IL&FS Wednesday said the gross non performing loan of it’s lending arm IL&FS Financial Services (IFIN) has touched unprecedented level of 90 percent in the December, 2018 quarter.
The board led by veteran banker Uday Kotak said that IFIN had reported a gross NPA of 61.8 percent and 5.3 percent in the quarter ended September 2018 and March 2018, respectively.
“The company which reported a GNPA of 5 percent in March 2018. I have heard double digits NPAs but 90 percent GNPAs is very unusual by any standards. That’s the challenge that we have faced,” Kotak, who is the chairman told reporters.
