Published on 6/12/2019 3:56: | Source: ANI

Indian banks` loan write-offs to continue: Fitch Ratings

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New Delhi

Indian banks are likely to take significantly more loan write-offs against a backdrop of rising provisions and weak recovery prospects, Fitch Ratings said on Thursday. The state-owned banks account for a dominant share (around 90 percent) of impaired loan stock and have cumulatively written-off nearly 30 billion dollars in bad loans over past three years. Meanwhile, the RBI kept its key lending rates unchanged in its bi-monthly monetary policy meet, and lowered its growth forecast for fiscal year 2019-20 to 5 percent from the earlier projections of 6.1 percent.