Bajaj Finance has confirmed that it has written off Rs.390 crore of its exposure towards IL&FS and Karvy Stock Broking at a time when banks and non-bank financiers are reeling under the burden of increased provisioning due to the Covid-19 pandemic. The CEO, Rajiv Jain, confirmed that they were not hopeful of any recovery from the companies in the immediate future. With the IBC being suspended for a year, the time taken to recover is likely to be much higher. Bajaj had a total exposure of Rs.321 crore towards Karvy, which has been completely provided for in this quarter. Bajaj Finance has made additional provisioning of Rs.900 crore on account of COVID impact in the fourth quarter. Moody’s has already warned that the asset quality of NBFCs will be worst affected owing to the disruptions caused by the pandemic.