 "Fitch rating agency")
Cumulative losses at public sector banks (PSBs) were large enough to wipe out almost all of the government's capital injections of $13 billion in 2017-18, said ratings agency Fitch Ratings. It added weak performance was likely to continue.
The heavy losses and capital erosion reported by banks in 2017-18 has added to pressure on viability ratings, it added. Losses were reported by 19 of the 21 state banks in 2017-18, including State Bank of India. Earnings at large private banks also came under pressure, with Axis Bank reporting its first-ever quarterly loss.
Fitch accounts these losses to the acceleration of bad loan
