SBI reassures NBFCs on liquidity concerns
Mumbai, Sep 23 : The State Bank of India (SBI) on Sunday asked non-banking financial companies (NBFCs) not to worry about credit availability as it would continue to support them.
SBI Chairman Rajnish Kumar gave the assurance after the shares of housing finance companies came under sudden heavy selling pressure on Friday amid crisis at the Infrastructure Leasing and Financial Services Ltd (IL&FS).
"Some comments are being attributed to the SBI about it being wary of lending to the NBFCs. The rumours are baseless. The SBI lends support to the NBFCs in private and public sectors within the regulatory policy framework and will continue to do so," Kumar said in a statement.
"There is no concern on liquidity of NBFCs in view of their liquid cash position and availability of committed lines," he said.
On the other hand, the recent Reserve Bank of India guidelines on the co-lending model opens up more opportunities for collaboration between the SBI and non-deposit taking NBFCs to increase lending to priority sectors, he added.
According to experts, the recent fall in NBFC stocks is the result of a tightening in the money market and a lack of clarity on IL&FS debt crisis.
"This negative sentiment led to a plunge in many stocks such as DHFL, Yes Bank, and Indiabulls group. Firesale of financial units by IL&FS for repaying its CPs (commercial paper) added fuel to the fire," said Mustafa Nadeem, CEO, Epic Research.
He further said: "It was basically widespread to multiple companies, specifically to NBFC space, as there were concerns over credit risk." Coupled with that, fall in private banks, NBFCs and infrastructure housing finance companies also aided the slump, he added.
The Dewan Housing Finance Corporation stocks led the sudden fall on Friday, losing half its share price within a few hours during the afternoon session of the trade.
It closed at Rs 351.55 on BSE, lower by 259.05 -- or 42.43 per cent -- from its previous close of Rs 610.60 per share.
Rating agency ICRA on Monday downgraded the ratings of IL&FS for short- and long-term borrowing programmes.
The downgrade came after the company was unable to meet the commercial paper redemption obligations due on September 14, 2018.
The next day, the company reported that it had received notices for delays and defaults in servicing some of the inter-corporate deposits accepted by it.
IL&FS is a core investment company and serves as the holding company of the IL&FS Group, with most business operations domiciled in separate companies which form an ecosystem of expertise across infrastructure, finance and social and environmental services.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Here's how netizens, media outlets projected Ashwini Kumar's bomb threat as 'Lashkar-e-Jihadi'
Mumbai: Mumbai was thrown into panic late on Thursday night when police received a WhatsApp message warning of a large-scale terror attack during the Ganesh festival. The message, written in the name of a jihadi group called “Lashkar-e-Jihadi,” claimed that 14 Pakistani terrorists had entered Mumbai with 400 kilograms of RDX loaded in 34 vehicles.
It warned of blasts that could kill as many as one crore people. Authorities immediately declared a high alert, and the case was handed over to the Crime Branch while the Anti-Terrorism Squad and other security agencies were put on standby.
Within hours, the threat made national headlines. Television channels and online portals reported the possibility of a terror strike, repeatedly linking the message to Pakistan-based groups.
The incident was projected as yet another attempt to destabilize Mumbai, and the supposed involvement of a jihadi outfit quickly gained traction across the media. However, a swift investigation by Mumbai Police traced the origin of the message to a very different source.
By Saturday, police had tracked down and arrested Ashwin Kumar Supra, a 50-year-old astrologer and Vastu consultant living in Sector 79 of Noida. Originally from Patna, Kumar admitted during interrogation that he had sent the message using the name of his former friend Firoz. In 2023, Firoz had lodged a fraud case against him at Phulwari Sharif police station in Patna, leading to Kumar’s three-month imprisonment. Seeking revenge, Kumar attempted to frame Firoz by posing as a jihadi terrorist. Police recovered his mobile phone, SIM cards, and other digital devices used in the hoax.
When the threat first came to light, social media was flooded with heated reactions. Journalist @Manju_IBNews wrote, “Another election around the corner!” while user @kv_mcu posted an aggressive comment demanding to “ban Islam and burn the Quran,” calling for mass deportations and tying the incident to culture and religion. In response, @RIMMS51979 countered sharply, saying, “Caller Name is Ashvini kumar what will you burn now.” Another user, @Valkyrie00777, questioned the credibility of the threat, pointing to contradictions in the claim that 14 terrorists had entered India with 34 bombs and 400 kilograms of RDX. Meanwhile, @Liberal51601607 remarked, “Terrorists have no religion.. Anyone..?”
Fact-checkers also weighed in. @zoo_bear (Mohammed Zubair) accused NDTV of omitting crucial context, posting: “Adani's TV hasn't mentioned that the accused Ashwini Kumar sent the bomb threat message to Mumbai police in the name of his friend Firoz to frame him.” The fact-check website Aazad Fact Check (@AazadFactCheck) published a detailed rebuttal, saying the story had quickly evolved into a propaganda tool. It noted that the supposed intelligence about “human bombs in vehicles” was technically flawed and described the entire sequence as “a pure example of Indian narrative building before a false flag operation.”
Adani's TV hasn't mentioned that the accused Ashwini Kumar sent the bomb threat message to Mumbai police in the name of his friend Firoz to frame him. https://t.co/17nZxYOrql
— Mohammed Zubair (@zoo_bear) September 6, 2025
After Ashwini Kumar’s arrest, the tone of the online conversation shifted sharply. Activist @ShabnamHashmi posted, “Ashwini Kumar 50 Year Old Astrologer from Noida has been arrested for sending these threats in the name of a Muslim. This is how Sangh sleeper cells are spreading hatred. Stop the Hate factory! Vote Out the Vote Chori Gang.” Journalist @indscribe (Shams Ur Rehman Alavi) observed that newspapers splashed the initial threat on front pages but buried the arrest details inside. “When the guy gets caught, the same newspapers don't publish his photo, relegate it to page 14 or reduce it to a single column… Interest gone after ‘name’ found,” he wrote.
Ashwini Kumar 50 Year Old Astrologer from Noida has been arrested for sending these threats in the name of a Muslim. This is how Sangh sleeper cells are spreading hatred
— Shabnam Hashmi (@ShabnamHashmi) September 6, 2025
Stop the Hate factory !
Vote Out the Vote Chori Gang pic.twitter.com/IzpLjWVJgu
Other users highlighted systemic and political angles. @shfique13 argued that there are now “two laws” in the country—one protecting those aligned with the government and another used to suppress truth-tellers. @SoodRajive claimed the episode was staged, alleging Kumar had been paid to frame a minority and calling it “a staged toolkit drama.” User @hussain2577 wrote sarcastically, “Such an innocent n bright person. Plzz grant him bail, Garland him, Give him BJP membership form.” Another account, @Sangliyana, remarked, “Risking his life just to frame a Muslim boy. This is what 11 years corrupting mind.” Finally, @rsbisht__ argued that Kumar’s only aim was to trap Firoz, linking it to what he described as rising hatred against Muslims in Uttar Pradesh under the Modi and Yogi administrations.
