Given how asset quality at India’s PSU banks has been deteriorating, it is not surprising that Moody’s downgraded three of the country’s top state-owned lenders—Punjab National Bank, Bank of Baroda and Canara Bank—saying their financial strength was reduced and that the quality of the loan book was weakening. It’s hard to counter this: with the economy in a downturn and several sectors like telecom, steel and infrastructure in trouble, gross NPAs at PSU banks have moved up to 3.61% at the end of March. ...........
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