Indian-Canadian billionaire Prem Watsa-backed Fairfax India on Wednesday announced its commitment to provide up to USD 200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the Reserve Bank of India barred the non-bank lender to disburse gold loans. The RBI's embargo has raised liquidity concerns among the company's investors and lenders, Fairfax India Holdings Corporation said in a statement.
In response to these concerns, Fairfax India has agreed to extend up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), it added.
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