Market breadth ended weak on the BSE with 1,838 declines against 1,218 advances.
India's banks are propping up too many weak producers.
11th-hour debt restructuring programme offered no concessions to creditors
The central bank measures though are also taking a toll on the banking sector, which is heavily reliant on short-term money markets for capital.
Some big ones hoard cash unduly and others borrow to keep up payments to shareholders
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