Axis Bank led the way with a one-time ₹2,001 crore provision, Axis Bank reported a gross NPA ratio of 1.23%, improving 17 bps sequentially.
Public sector banks like Union Bank, Indian Overseas Bank, and Indian Bank have also set aside hundreds of crores each as a cushion.
Federal Bank used ₹456 crore interest on an income tax refund to create a floating bad-loan provision.
Despite all this caution, most banks say they're still confident about the quality of their loans and overall financial health.