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.”

In the case of CCC, bankers were stunned to receive a ₹60 crore bid for a total of ₹2,623 crore outstanding dues, a less than 3% recovery for banks. The NARCL bid even dwarfs the promoter's offer for ₹195 crore, which had envisaged 7.5% recovery for banks. Bankers said the offers for Rainbow Papers and EPC company CCC is between 2% and 8% of the outstanding loans, making it difficult for them to consider.

Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank's international strategy is to focus on Indian corporates that have global operations, it said in an investor presentation in the results of the quarter ended June.