The big question now is, are banks done declaring their bad loans or is there more to come? There are two sectors which are staring at bad loans. These are telecom and real estate. The overall telecom sector has been in a mess since the launch of Reliance Jio, which has dramatically cut both calling and internet rates in order to capture the market. This forced other players in the market to cut rates as well. In the process, their financials came under pressure and have made it difficult for these companies to continue repaying loans. Some companies like the Anil Ambani owned RCom, have even shut down in the process.

Other than increased competition, what has hit the sector is the issue of adjusted gross revenue—in layman's terms this means that a certain proportion of revenues earned by telecom companies needs to be shared with the government's department of telecom. The telecom companies and the government have been disagreeing on the definition of adjusted gross revenue since 2005.