MUMBAI: IndusInd Bank Ltd, which saw a fifth of its market value wiped out over the past week on concern about its creditors, says the crisis of confidence engulfing India’s financial system is fading away.
Outstanding loans to overstretched borrowers dipped at the Mumbai-based bank last quarter, lenders including IndusInd are working to resolve defaults at Dewan Housing Finance Ltd, and Indian authorities are taking steps to contain future delinquencies at shadow banks, IndusInd’s chief executive officer Romesh Sobti said in an interview in Mumbai.