“Many are calling it India's 'too big to fail' moment, referring to big financial firms so large that their collapse could spark economic chaos. On Monday, India took over the beleaguered IL&FS, an acronym for Infrastructure Leasing and Financial Services - a major non-banking financial institution, or a shadow bank. … 'The main thing is to figure out what are the requirements for liquidity,' said Mr Narayan, the former banker. 'It is a complicated set-up. But the biggest challenge for the new board will be to come clean and be honest about the entire situation.' ...”
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