Private banks like Kotak Bank and RBL Bank are experiencing higher defaults in the microfinance sector. Kotak Bank reported a 10% rise in net profit, but its microfinance arm saw significant losses. Similarly, RBL Bank saw an 86% drop in net profit due to increased provisions for microfinance loans. Industry-wide challenges are anticipated to stabilize in the coming quarters.
Kotak, RBL feel pain of microfinance defaults
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