Singapore tightens scrutiny of Indian bank branches
Fears escalate over asset quality.
According to a report by Reuters, Singapore regulators have stepped up their scrutiny of local branches of Indian banks on concerns about asset quality. Reuters cited three bank executives as sources.
India's slowest economic growth in a decade and a weakened rupee have weighed on the balance sheets of heavily leveraged Indian companies, including those that have raised money from Indian lenders in offshore centres such as Singapore.
Read full report here.