In the last 15 months, three major Indian banks have gone into the red, crumbling under a mountain of bad debt. This has prompted many experts to ask questions about the financial health of Indian banks. The BBC's Aakriti Thapar reports.
"Our business was first hit by Covid-19, and we had no income for two months. Just recently, we couldn't access our savings or carry out day-to-day transactions because our bank got into trouble. We didn't know how to pay our staff," said 50-year-old Mangilal Parihar, a depositor at the privately-owned Lakshmi Vilas Bank.
He owns a small convenience store in a suburban area of Mumbai.
Traditionally, Indians have chosen their banks based on two factors: attractive interest rates on saving schemes, and proximity of the branch to their home.
Mr Parihar chose his bank accordingly. But the Reserve Bank of India (RBI), the country's central bank, placed the 94-year-old Lakshmi Vilas Bank under moratorium last month and restricted withdrawals for depositors to $335 for one month owing to the bank's failing financial health.