RBI begins proceedings of bankruptcy against DHFL
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The Reserve Bank of India has filed an application to begin the bankruptcy proceedings against Dewan Housing Finance Corporation Ltd (DHFL). Once DHFL used to be one of the top shadow lenders, owes its creditors including banks, mutual funds retail investors and others. Last year, the country's shadow banking sector has been plagued by a credit crunch triggered by the collapse of lending major IL&FS last year.