India’s public sector banks have no place to hide—they stand in full public glare.
Three large state-owned banks announced their June quarter earnings on Tuesday. Punjab National Bank, the largest among them, announced a 48% drop in net profit. Bank of India fared worse. Its net profit plunged 84%, after posting a loss in the previous quarter.
Another Mumbai-based bank, Union Bank of India, posted a 22% drop in profit in the June quarter.
The reason behind such a dismal performance?
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