India Seizes Troubled Lender to Limit Shadow Bank Crisis Fallout
- Reserve Bank initiates bankruptcy proceedings against Dewan
- Follows move to apply bankruptcy rules to financial firms
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India seized control of a second non-bank lender, stepping up efforts to contain the economic fallout from the nation’s shadow banking crisis.
The Reserve Bank of India removed the management of troubled home-loan provider Dewan Housing Finance Corp. and will initiate bankruptcy proceedings, it said late Wednesday.