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India’s bad debt pile eased by write-offs, underlying problem far from resolved

India’s bad debt pile eased by write-offs, underlying problem far from resolved

Finance
Indian banks wrote off more than $ 30 billion worth of bad debt in the year to June 30, helping to lower stressed loans on their books by 8.5%, according to central bank data reviewed by Reuters. The write-offs illustrate the urgent problem of bad loans as borrowers struggle to service, let alone pay-off, their debt in a stuttering economy. As of June 30, total stressed assets on the books of Indian banks were at $ 137.50 billion, down from $ 150.22 billion a year ago, according to central bank data reviewed by Reuters. A large part of this reduction reflected the write-off by banks of loans worth $ 30.64 billion in the last financial year, the data obtained by Reuters via a right to information filing showed. And in the period ending June 30 - the first quarter of the current financial ye...