What’s up with India’s $1.7 trillion financial system? In the space of a couple of years, three major finance companies have been seized by authorities and the central bank has had to reassure the public three times. It’s a stark turnaround since the country emerged largely unscathed from the 2008 global financial crisis. Policy makers are grappling with a chicken-and-egg situation: Should they spur credit to boost economic growth or focus instead on cleaning up the world’s worst bad-loan ratio?
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