The development comes at the time when the resolution is at an advanced stage, and financial bids are expected to be submitted latest by August 10 for taking over debt-ridden Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).

"Our digital capabilities have helped us serve our customers seamlessly even during the pandemic in all our markets, including India. Our suite of digital offerings helped MSMEs (Micro, Small and Medium-sized Enterprises) in India meet working capital needs and operational liabilities," underlined the tech-savvy banking veteran. DBS also helped MSMEs in India to navigate the challenging business environment by disbursing loans to the segment during the lockdown months.

A Joint Company Scheme remains subject to various statutory and regulatory approvals, including from NCLT, Competition Commission of India and the respective shareholders and creditors of the companies involved in the scheme as may be required, HDFC said in a regulatory filing.

The department had also found that the said fund manager and chief trader was sharing specific trade related information with brokers/middlemen and persons located in power certain foreign jurisdictions.

A joint lenders' meeting will take place on Monday to consider this, Uco Bank managing director Soma Sankara Prasad said. Uco Bank is one of the major lenders to the Srei companies with Rs 1100 crore outstanding loans.

"When there is a credit offtake, banks can sustain and support that credit offtake only if they have higher deposits. They cannot be relying on the central bank money on a perennial basis to support credit offtake...they have to mobilise their own resources and funds," Reserve Bank of India Governor Shaktikanta Das said during the post policy meeting.

The company took to Twitter and said, "We regret the inconvenience caused to our valued users this morning due to unprecedented external network issues. Thanks to our engineering teams' swift actions, we were able to get systems up again in a short time. We'd like to help you all individually. Pls read further."

“Regulated entities are increasingly using outsourcing as a means for reducing costs as well as for availing expertise not available internally,” governor Das said after the post policy announcement. “Although outsourcing of a permissible activity is an operational decision of regulated entities, it exposes them to various risks.”