Bank closures, restricted lending,
and collapsing institutions.
India's financial sector is in trouble,
and the contagion is starting to bite in the real economy.
So what is going wrong at India's lenders,
and just how deep do the problems go?
India's economy has long depended on state-run banks,
but poor governance and cosy relationships
with powerful tycoons helped to contribute to a credit crunch,
meaning borrowers had to find new sources of money.
So-called shadow banks sprung up,
but these less-regulated lenders gave out
yet more risky loans, especially to the real estate sector.
Last month, the previously obscure Punjab
and Maharashtra Co-operative Bank
was taken over by authorities, its top executives arrested
after they engaged in heavy lending
to a single property company.
About 1.5m account holders had access to their savings
restricted.
Panic ensued, with customers demanding their money back.
Rumours of further closures spread like wildfire,
and the country's central bank took
to Twitter to reassure the public.
The run on PMC happened almost exactly a year
after the collapse of IL&FS, a huge shadow lender.
That was portrayed at the time as a one-off event,
but economic growth has since slowed to a six-year low,
and investors fear more lenders will go bust.
Loans are now much harder to come by,
businesses find it hard to expand,
and consumers are struggling to get loans
for houses or even motorcycles.
Big shadow banks have seen their share prices plummet,
while traditional banks are still struggling to recover
a year's worth of unpaid loans.
If more lenders go bust, it could create a domino effect
and spread like a virus through the wider economy.
Economists say they see echoes of the chain of events that
led to the US financial crisis, as once high-flying lenders
succumbed to the pressure of bad debt.
And they're worried India's economy could now
face a reckoning of its own.