RBI files for insolvency proceedings against DHFL, which owes ₹1 lakh cr

The Reserve Bank of India (RBI) on Friday said it has filed an application to begin bankruptcy proceedings against Dewan Housing Finance Corporation (DHFL). The housing finance company owes its creditors, which include mutual funds, banks, pension funds, insurance firms and retail investors, nearly ₹1 lakh crore. The RBI superseded DHFL's board earlier this month and appointed an administrator.