completed. The loans, thus, disbursed were siphoned out by the concessionaire and used elsewhere.
Senior banking officials either refused comment or were not available.
"Over 2009-2011, these sectors saw loan growth in double digits. Obviously, if anything grows this fast and this big, it exposes the banks to risks. But mid-size government banks are more vulnerable than the larger banks," said Saswata Guha, director for financial institutions, Fitch Ratings.