Bad loans and stressed assets in Indian banks estimated at 117 billion pounds

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NEW DELHI (Reuters) – Bad loans and stressed assets in Indian Banks are estimated at 10 trillion rupees (117.01 billion pounds/$153.49 billion), India’s Chief Economic Adviser Arvind Subramanian said on Wednesday.

India announced on Tuesday a 2.11 trillion recapitalization plan for its state-owned banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth.

($1 = 65.1500 Indian rupees)

Reporting by Manoj Kumar; Editing by Malini Menon