Credit quality pressures have intensified for India's corporates in 2011-12 (refers to financial year April 1 to March 31). Instances of default by CRISIL-rated entities increased to 188, the highest for any year. The annual default rate for CRISIL-rated entities has hit a ten-year high—of 3.4 per cent— in 2011-12. These pressures are also reflected in the increase in banks' gross non-performing assets (NPAs; to 2.9 per cent of advances from 2.3 per cent), and in the quantum of debt restructured (to 3.3 per cent of advances from 2.5 per cent) between March 31 and December 31 of 2011. For more details