The nightmare for India’s beleaguered non-banking finance companies (NBFCs) seems to have no end.After the economic slowdown and liquidity crunch, now the impact of the Covid-19 pandemic is weighing heavily on the balance sheet of Indian NBFCs. A key indicator of this pressure is the rising number of stage-3 assets, which are accounts that have defaulted on repayment of loans for more than 90 days. The number of such accounts went up during the October-December period for most of the leading NBFCs in India.As part of a Covid-19 relief package, the Reserve Bank of India had allowed borrowers to halt repayment of loans without impacting their credit history between March and August. But with t
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