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Patel's war on delinquent Indian borrowers gets boost from Modi

India amends law to give the central bank power to spur lenders and borrowers to take write-downs

Dr Patel has said that it is not clear why India needs so many public sector banks. "The system could be better off if they are consolidated into fewer but healthier banks."


RESERVE Bank of India governor Urjit Patel has been given the ammunition to finish a war that his predecessor Raghuram Rajan started - the fight to eliminate US$180 billion of stressed assets.

After at least three proposals to reduce the world's highest bad-loan ratio failed...

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