India's economic slowdown drives credit-card defaults

11/3/2008 | Financial Times (free content)

The rising rate of consumer credit-card defaults in India is only the beginning of a wider deterioration in loan growth and portfolio quality, analysts said. India's banks and their customers are caught between slowing economic growth and pressures of rising interest rates. While the Reserve Bank of India recently started easing monetary policy, the action is likely too little too late for cardholders who have been defaulting at an alarming rate.

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