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A step for India's banks, but no giant leap for bad debt

Changes to legislation allow RBI to push more lenders to start insolvency proceedings

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Some hope the new steps would help trigger action from banks that have long dragged their feet, even if questions remained over the central bank's new powers.

Mumbai

INDIA'S move to strengthen the hand of its central bank will help it push reluctant lenders towards writedowns and errant borrowers into insolvency, bankers said, but the country is far from drawing a line under its US$150 billion of sour debts.

India's bad loan problem is

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