Banks must get electric haircut

....which is why there will be a temptation to somehow convince RBI to grant one-time waivers which would allow banks to continue to classify these as standard assets. RBI, sadly, has allowed such waivers in the past. It has allowed banks to continue to classify Air India as a restructured asset instead of as an NPA and, last year, it allowed banks to lower their provision cover ratio as a higher ratio would mean that banks would have to report lower profits—

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