SBI chairman says bad loan mess to resolve in 3 years

The 10-member Bankex index added 2.8% on Thursday and touched a record high

State Bank of India (SBI), the country’s largest lender, sees a “positive turnaround” in the nation’s bad loan mess after the government implements a new rule aimed at resolving the problem, the chairman of the lender said.   “The non-performing asset cycle is different this time,” Arundhati Bhattacharya, SBI’s top executive, said in an interview with Bloomberg News in Yokohama, Japan. “Many assets are good quality and required by the economy — when growth turns up, they will perform again.”

India’s Cabinet has approved a plan to give the Reserve Bank of India more power to order lenders to deal