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High NPA Levels
December 31 , 2017
2391 days
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- A report by CARE Ratings stated that India has the highest level of non-performing assets (NPA) among BRICS countries and is ranked fifth on a list of countries with the highest levels of NPAs.
- The only countries ranked higher than India on the list are Greece, Italy, Portugal, and Ireland.
- Spain is the only PIIGS country ranked lower than India on the list.
- PIIGS is an acronym used to refer to the five Eurozone nations that were considered weaker economically following the financial crisis: Portugal, Italy, Ireland, Greece and Spain. All these countries have been victims of sovereign debt crises in recent years.
- Indian Government announced recapitalization package to revitalize state-owned public sector banks grappling with NPAs.
- This was to help these banks resolve bad loans, clean up their balance sheets and to comply with Basel III capital adequacy standards, which kick in from March 2019.
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