Further, the high levels of corporate debts are saddling banks with a rising pile of NPAs on their books. This is making banks risk-averse as a result and, hence, warier of lending to corporates. Bank credit to the commercial sector has fallen below to 38 per cent in FY 2017, down from 50 percent a year ago. On the other hand, the bond market is booming with investment bankers arranging nearly Rs. 1.04 lakh crore ($16 billion) in the April to June quarter of this year — the highest ever volume in the first quarter. This behaviour points to the fact that Indian corporates are tapping more into the corporate bond market and taking the exterl commercial borrowing route for their fincial needs instead of relying on banks. Hence, transmission of interest rates will always be an issue.