Indian banks have a lot more bad loans than they initially thought

The toxic loans problem plaguing India’s banking sector doesn’t look like it’s going away soon.

Non-performing assets (NPAs) at Indian banks jumped to 7.6% of their total assets in March 2016, up from 5.1% six months ago, according to the Reserve Bank of India’s (RBI) Financial Stability Report (FSR) released on June 28. A loan is classified as non-performing when the borrower stops making interest or principal payments.

The reason: top borrowers are accounting for more and more bad...

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