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India's welfare programs are vast in reach and scope. Under the biggest, 821 million Indians are entitled to 5-kilogram (11-pound) sacks of free rice or wheat every month. The government started doling out grain to prevent hunger early in the pandemic and has since committed $142 billion to the program. Modi's face began appearing on the sacks in January.
The central bank has in the recent past called for increased monetary policy transmission in the rates to banks and NBFCs. Transmission is important for the RBI's inflation management.
To lure depositors, banks have come with special deposit products and schemes offering higher rate of returns for certain tenures. However, it is going to be tough to compete with higher returns offered by other instruments, experts say.
PSU bank account for 80 percent of the total write-off in the reporting quarter, with private banks accounting for the remaining.
Banana farmers in Burhanpur district suffered major losses after heavy rainfall and floods destroyed their farms.