RBI bars Edelweiss units from acquiring assets over ‘Evergreening’
Edited By WION Video Desk
Published: May 30, 2024, 05:20 IST | Updated: May 30, 2024, 05:20 IST
India's central bank has taken action against the Edelweiss group. Two of their companies have been barred from acquiring financial assets or undertaking specific transactions. The reason for this lies in a practice known as "Evergreening." this involves issuing new loans to struggling borrowers so they can repay existing ones. Essentially, it masks the true extent of a company's bad debt.
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