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Banks refusing to lend prompt $62 billion Indian rescue deal
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The lenders are accepting penalty rates to keep a record $92 billion a day with the Reserve Bank of India India’s battle-scarred bankers are hoarding cash and reluctant to lend to smaller firms, forcing the government to ride to the rescue of millions of companies struggling for survival during the nationwide lockdown.
The lenders are accepting penalty rates to keep a record $92 billion a day with the Reserve Bank of India and have shunned a central bank program aimed at credit-starved corporates, choosing safety as the pandemic cripples economic activity.
The government responded on Wednesday by offering $62 billion in credit lines and cash injections to the smaller firms and the non-traditional lenders that fund them. “The binding
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