The level of distress is not uniform across the bank groups and is more pronounced in respect of public sector banks. The Gross NPAs for PSBs as on March 2015 stood at 5.17% while the stressed assets ratio stood at 13.2%, which is nearly 230 bps more than that for the system.
*  *  *  Today I want to talk about some new and exciting developments in bond markets around the world. The motivation for my discussion is the current puzzling situation of a relatively flat yield curve combined with relatively low real and nominal long-term interest rates, which has occurred both in developed economies and in emerging markets.