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PSB losses eat up Centre's $13 billion infusion in FY18: Fitch Ratings

Fitch accounts these losses to the acceleration of bad loan recognition, with the introduction of non-performing loans framework

Fitch rating agency
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Fitch rating agency

BS Reporter Mumbai
Cumulative losses at public sector banks (PSBs) were large enough to wipe out almost all of the government's capital injections of $13 billion in 2017-18, said ratings agency Fitch Ratings. It added weak performance was likely to continue.

The heavy losses and capital erosion reported by banks in 2017-18 has added to pressure on viability ratings, it added. Losses were reported by 19 of the 21 state banks in 2017-18, including State Bank of India. Earnings at large private banks also came under pressure, with Axis Bank reporting its first-ever quarterly loss.

Fitch accounts these losses to the acceleration of bad loan

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