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The IRDP alone accounted for 40 per cent of the losses incurred by commercial banks in rural lending in India. By the end of the 1980s, great concern began to be expressed about public sector banks' low capital base, low profitability, and the high percentage of non-performing assets, whose earnings were invariably lower than their loan losses and transaction costs. They required continual refinancing and recapitalization by apex institutions. The final nail in the coffin was the official l...