Most of India's troubled public sector banks face high credit and managerial costs amid low profitability, Rana Gupta, said managing director for Indian equities at Manulife Asset Management.
The outlook for most of India's state lenders remains"quite weak" despite extensive reforms in the banking sector, according to a senior asset manager.
"Therefore, barring the top one or two state-owned banks, the balance — the outlook still remains quite weak," Gupta said."In fact, we would expect, whenever the election is over and the new government comes in, if it's a stable government, we'd expect more consolidation to follow." That said, the recovery in the banking sector may potentially stall after last week's Supreme Court ruling that voided the central bank's guidelines on how lenders should resolve their bad debts. Ratings agency Moody's had already signaled the decision was bad news for banks.
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