Indian banking and financial industry are facing a very serious crisis. Many banks, large and small financial institutions are facing even survival crisis. It would not be an exaggeration if it said that Indian Banking and NBFCs are going through their worst ever crises in post-independence India. Even before Corona -19 hitting the country, banking and non-banking finance companies were facing a very difficult and challenging time on account of a significant rise in their NPAs and a drop in customer confidence. Some of the ailment was on account of imprudent and reckless lending and some other weakness was on account of the poor performance of the companies who borrowed money from these institutions. Crises with Yes and PMC bank, a lending scam in ICICI bank and some similar problems in Axis bank and other banks such as Punjab National Bank, ILFS problems, etc, imprudent lending, poor and unprofessional management associated with several nationalized banks created huge problems, not only for Customers, Bank employees, Regulators but also for Government. Many of the financial institutions have not only lost customer confidence and faith but it brought bad names to the entire financial industry in the country. Poor capital management and a […]
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