When Moody’s Investors Service polled market participants in Hong Kong recently, 70 percent picked India’s banking system as the most vulnerable among seven countries in South and Southeast Asia. I wonder what the remaining 30 percent were smoking.

As another earnings season rolls on, the weaknesses of Indian lenders — depleted capital levels in state-run banks and an inability to shed soured corporate debt even in non-state-controlled ones — are once again obvious. Read more

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