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India banks need capital to face coronavirus pandemic, says Uday Kotak
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MUMBAI : India should prepare to inject capital into state banks and private-sector lenders need to strengthen their balance sheets, to help bolster the economy against the coronavirus pandemic, according to a senior banker.“I do believe the government will have to be ready to support public sector banks with capital," said Uday Kotak, the billionaire founder of Kotak Mahindra Bank Ltd.A legacy of bad loans, a shadow banking implosion and a historic bank bailout in March have left Indian lenders weakened coming into the lockdown, which has stalled the economy and led to a surge in unemployment.
According to a Credit Suisse Group AG report last month, the lenders need to raise $20 billion of capital, of which state banks will require $13.
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COVID-19
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