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Bad loans and stressed assets in Indian banks estimated at $153.5 billion

FILE PHOTO - An India rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

NEW DELHI (Reuters) - Bad loans and stressed assets in Indian Banks are estimated at 10 trillion rupees ($153.49 billion), India’s Chief Economic Adviser Arvind Subramanian said on Wednesday.

India announced on Tuesday a 2.11 trillion recapitalization plan for its state-owned banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth.

Reporting by Manoj Kumar; Editing by Malini Menon

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