Despite this long history of coexistence of NBFCs and banks, the Indian credit system is dominated by the latter. Lending by commercial banks accounts for 62% of total credit, followed by 20% from the corporate debt market and 18% from NBFCs. If we account for bank investments in the debt market and NBFCs, the share in overall credit can rise well above 75%. Such a homogenous credit system is likely to be more exposed to economic shocks, resulting in a severe credit crunch when bank credit dries up and the equity market declines.
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Global finance leaders' paralysis in addressing the fallout from the Hamas attack and Israel's response last week exposed deep geopolitical divisions hampering the International Monetary Fund and World Bank, even as they advanced new funding plans aimed at easing more-frequent economic shocks. Hamas launched its unprecedented attack on Israel on Oct. 7, just as top finance officials arrived in Morocco for the IMF and World Bank annual meetings, upending the gathering's carefully crafted script calling for new resources and steps to revive flagging global growth. IMF Managing Director Kristalina Georgieva did not mention the new conflict at opening events.