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.
The ratio of nonperforming assets to total advances could soar to over 12.5% by March 2021 from 8.5% as of end-March this year, prompting the country's central bank to push banks to raise reserve capital, which now totals over 1 trillion rupees ($13.4 billion).
