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With Axe falling on short-term loans Indian economy has started imploding
Kiran Chaube
Sep. 28, 2008
Most banks, including the country’s largest bank, State Bank of India, have decided to reduce the flow of loans with tenure of up to 12 months and instead focus on sanctioned credit limits.
During the last 15 days, there has been intense pressure on banks’ resource management. At the same time, the cost of deposits has also shot up in the current quarter.
“This has forced banks to change the way they deal with the short-term credit business,” said the head of corporate credit at a large Mumbai-based public sector bank.
Indian economy has started imploding. It is possible in real terms the real GDP can be –5.00% or below.
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