The ex-central banker was referring to Japan’s experience in the 1990s when a weak banking and financial sector crippled activity and contributed to a lost decade of sub-par economic growth. The RBI sees the country’s bad-loan ratio swelling to the highest level in more than two decades — to 12.5% by March 2021, the highest level since 1999.source https://economictimes.indiatimes.com/industry/banking/finance/banking/india-risks-japanification-as-bad-loans-surge-says-viral-acharya/articleshow/77238015.cms
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