Is
the country's largest lender, State Bank of India (SBI), battling a
liquidity crunch? So goes the murmur among senior bankers who got a
whiff of an unprecedented decision taken by SBI last week. SBI has
directed its offices to stop discounting letters of credit (LC) other
than those opened by SBI and its associate banks, which together command
25% of the local banking business. The move could hurt business because
LC discounting is the lifeblood of local and cross-border trade........
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