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India needs to strengthen RBI's independence: IMF

IMF welcomed the government's plan to inject about $32 billion to recapitalise state-run lenders

Reuters  |  Mumbai 

The International Monetary Fund on Thursday called on the Indian government to restructure state-run banks and reduce its stakes in them, as part of a series of recommendations issued after conducting a financial system stability assessment. India's banking sector has been reeling under $156 billion of stressed loans that are widely seen as delaying the credit growth needed to revive private investment. Most of the bad debt is held by state-run lenders, which are suffering after years of bad lending decisions. In its report, the IMF welcomed the government's plan to ...

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First Published: Thu, December 21 2017. 21:24 IST