India’s public sector banks warming to CSAs

Bankruptcy law reform could prompt a shift in attitude at State Bank of India

Welcome precedent: if the SBI signs CSAs, there will be pressure on other public banks to follow

India's state-owned banks could be on the verge of signing credit support annexes (CSAs) with some of their counterparties, following a push by the government to rewrite the country's bankruptcy laws, according to market sources.

"Last year none of the public sector banks were really considering CSAs, but this year I see a definite shift," says Mumbai-based MS Gopikrishnan, head of foreign exchange, rates and credit trading for south Asia at Standard Chartered. 

Under the Basel framework, over

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