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Finance

Indian banks build $13bn war chest to battle bad loans

RBI asks lenders for preemptive fundraising as first recession in 41 years looms

Bank employees wait for customers at a loan fair in New Delhi in October 2019. Hit by pandemic, Indian banks are bolstering capital buffers to weather the increase in bad loans.   © Reuters
ROSEMARY MARANDI, Contributing writer | India

MUMBAI -- India's financial institutions are on a fundraising spree via debt instruments and equity offerings, as the new coronavirus pandemic threatens to turn loans into instruments of economic destruction.

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