The Congress on Tuesday alleged that NPAs have risen by 365 percent under the Modi government and questioned why "unbridled powers" were being given to PSU banks to "sell off assets at throwaway prices".
A surge in bad debt is set to worsen India’s NBFCs crisis
Premium
2 min read
. Updated: 20 Jan 2021, 08:37 AM IST Bloomberg
Recent days have brought more reminders of strains, as creditors to bankrupt shadow lender Dewan Housing Finance Corp. voted on a takeover plan
Share Via
Read Full Story
India’s troubled shadow banks face mounting challenges to a nascent recovery from the pandemic, with their asset quality set to deteriorate further as flagged recently by the financial regulator.
Non-performing assets already swelled in the most recent data to the highest in at least five years, at 6.3% as of March 2020 even before the worst of the pandemic impact, the Reserve Bank of India said in a report last week. That’s up 100 basis points from the year earlier, and the RBI forecasts it’s headed higher.