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Indian bankers suit up for war on debt defaulters

Weighed down by stressed loans of nearly $150 billion and against a backdrop of slowest economic growth in a decade, Indian banks are bringing an unprecedented intensity to their recovery efforts

Reuters  |  Mumbai 

Fed up with a profitable textile company's failure to repay its loan, India's UCO Bank has taken its grievance public, placing newspaper ads last month that brand the industrialist owner of S Kumar's Nationwide Ltd a defaulter. State Bank of India (SBI), Bank of India Ltd and Bank of Baroda are also preparing to name and shame corporate borrowers which are not paying them back, bank executives told Reuters. This aggressive tactic for dealing with bad debt marks a major departure from the traditional laid-back approach of Indian state lenders. Weighed down by ...

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First Published: Mon, June 03 2013. 08:14 IST