India city Mumbai covid-19 economy India city Mumbai

Beware the approaching financial train wreck

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MUMBAI : As India’s already weak economy takes a body blow from covid-19, all eyes are on our financial services ecosystem —banks, non-banking financial companies (NBFCs) and debt capital markets.For a while now, there have been clear symptoms indicating that all is not well with this ecosystem.

There has been a trust deficit. Despite all the liquidity in the system, it has been unable to finance India’s growth aspirations.

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