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Indian Banks Recovering
As per research by rating agency Standard and Poor (S&P), India’s banking systems along with South Africa’s and Mexico’s will be slower to recover to 2019 levels. It is expected that India will reach the pre-COVID-19 banking level in 2023. S&P has named India as “late-exiter” as India will only come to 2019 levels in 2023.
As per research by rating agency Standard and Poor (S&P), India’s banking systems along with South Africa’s and Mexico’s will be slower to recover to 2019 levels. It is expected that India will reach the pre-COVID-19 banking level in 2023. S&P has named India as “late-exiter” as India will only come to 2019 levels in 2023.
The COVID-19-induced recession will have an impact on the bank business model in multiple ways, namely revenues from the corporate segment have shrunk and retail savings have increased as the population shifted towards savings. These challenges will affect the credit management of banks, wherein chances of non-performing loans will surge due to non-payment of loan payments by consumers and corporates.
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