India's banks are experiencing record low Gross and Net Non-Performing Assets (NPAs), a significant improvement from the late 2010s. This decline is attributed to a slow, incremental recovery process involving asset quality reviews, regulatory interventions, and enhanced provisioning buffers. While this marks a transition towards greater financial discipline, experts caution that low headline NPAs could represent a dangerous phase, necessitating a focus on the trajectory and sustainability of these improvements rather than just the current snapshot.