The Narendra Modi government and the Reserve Bank of India (RBI) have taken major steps to bring recalcitrant promoters to book and clean up the $210-billion bad loan crisis plaguing the Indian banking system. These can address the issue for now but privatisation is not politically feasible.
The scandal over fugitive billionaire Nirav Modi flying away to an unknown destination leaving behind unpaid loans of $1.8 billion has brought the festering bad loan crisis in the Indian banking system to a boil.
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