India’s bad-loan crisis is so dire that one bank is now banned from lending money

The massive clean-up of bad loans in India is turning out to be a prolonged battle for survival for the country’s banks.

Eleven out of the 21 public sector banks in India were already under the regulator’s supervision, and had to contend with restricted business so far. Now, the Reserve Bank of India (RBI) has completely barred one of them, Dena Bank, from lending any further or hiring fresh employees.

The RBI has tightened the leash as the financial strength of the Mumbai-headquartered...

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