The declining trend in gross and net NPLs for scheduled commercial banks has continued despite the adoption of 90-day delinquency norm and unprecedented surge in growth of advances. Legislation has since been enacted to facilitate the compilation and dissemination of credit information including data on defaults to the financial system by the Credit Information Bureau of India Ltd. (CIBIL).
Without a strong export sector, our crisis would plainly have been worse. At the same time, it is also clear that stronger domestic demand puts economies in better position to withstand swings in the global business cycle and disruptions in world trade – like those we are seeing at the moment – and to keep their growth trajectories on course.