- MUMBAIMUMBAI -India is planning to ask state-run banks to reach out to every district to expand lending to boost demand in the economy, the finance minister said, a move that comes at a time when most lenders are already seeing an increase in bad loans.
- Domestic banks have struggled to contain bad loans, especially in their retail portfolios, as the pandemic and resultant lockdowns hit economic activity and limited borrowers’ ability to repay debt.
- India’s largest lender State Bank of India posted a four-fold jump in slippages, or new bad loans, for the first quarter, ending in June, as its home loan and small business segments struggled.
[Via]
