For instance, in line with global developments, India is also embarking upon a project to develop a framework for assigning a unique Legal Entity Identifier for all customers accessing the formal financial system.
Even after such a big shakeout, many of the remaining firms are in a weakened financial condition, and may need balance sheet as well as organisational restructuring in order to survive and prosper. Recent research 1 at the Central Bank has confirmed that stressed balance sheets are clear early warning signs of subsequent loan default.