India's banks are struggling under $100 billion of stressed loans, choking the financial system at a time when the economy needs fresh investment to galvanise growth
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The lender said net profit was Rs 1,115 crore for its fiscal third quarter ended December 31, compared with Rs 2,910 crore a year earlier
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The bank reported a 74 per cent drop in its quarterly net profit due to sharply higher bad loans and provisions as lenders comply with a regulatory order to treat some troubled loans as bad in a clean-up drive
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The cumulative net-profit of these banks in the last two years was around Rs 35,000 crore-37,000 crore; it gets sucked into reserves.
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Four state-run banks report a spike in bad loans and provisions for sour debt on Tuesday after a clean-up exercise ordered by RBI, sending three of them to net losses for the fiscal third quarter
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Private sector bank Yes Bank has tied up with Smartbox Ecommerce Solutions for solving challenges related to last mile delivery for e-commerce players
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Net profit tumbled to Rs 510.1 million ($7.5 million) for the three months to 31 December from Rs 7.75 billion in 2015
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Says if India has to reap the benefits of the demographic dividends, India has to focus on some of the long-term things like education, skill development and health
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