MUMBAI: Reliance Group chairman Anil Ambani said nonbanking financial companies (NBFCs) are facing a fullblown crisis. It is a fullblown crisis.”Reliance Capital, which has debt of Rs 18,000 crore, is following the mantra of “death of debt”, he said. “The government needs to take a decision whether it wants NBFCs to survive. “They have now swung to the other end of the spectrum and are routinely making multiplenotch downgrades in quick succession. The majority should be qualified and independent external persons.”On Monday, the Reliance Group announced the sale of its radio business to the Jagran Group.

Source: Economic Times May 28, 2019 01:13 UTC