Reuters
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A man counts Indian currency notes inside a shop in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas
MUMBAI, July 2 (Reuters Breakingviews) - Consumption and activity are rebounding fast after Indiaâs brutal second viral wave, but the central bankâs latest financial stability report hints at some of the credit pain left behind.
Indiaâs borrowers have received scant support compared to their counterparts in developed economies. The probability of default for Indian retail counterparties to European Union banks, for example, increased to 8.6% in the fourth quarter of 2020, up from about 5% a year earlier. For a group of six rich countries, including France and Germany, that figure fell or held steady over the same period.