Indian bank bad debt could double in coronavirus crisis: sources

FILE PHOTO: A cashier displays 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File photo

A fresh surge in bad debt could hit credit growth and delay India’s recovery from the coronavirus pandemic. India’s finance ministry declined to comment, while the Reserve Bank of India and Indian Banks’ Association, the main industry body, did not immediately respond to emails seeking comment. India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis. Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Source: Financial Digest (financialdigest.net)

May be doubled in India and alike is to be multiplied as a failure all & where at global and as a result many world corporates may face stand still following d collapse of continued world recession to have been moreover owing to resentment grown to nuclear clash & displacements.

All countries debt are insane

Bullish2023 datta_arvind

Money So Fine

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