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India's small businesses find credit in short supply after mega-fraud


By Promit Mukherjee and Neha DasguptaMUMBAI/NEW DELHI (Reuters) - When a $2 billion dollar fraud at state-run Punjab National Bank rocked India two months ago, Chetan Hemani and other small business owners could have been forgiven for thinking "what's that got to do with me?" Confident of his good credit record and long relationship with his bank, Hemani, who is a pharmaceutical machinery manufacturer and exporter, had thought getting approval for a 25 percent overdraft above his 10,000,000 rupee ($153,330) credit limit would be little more than a formality. But when Canara Bank, ...

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First Published: Wed, May 16 2018. 13:35 IST