News, Articles, Findoc
| October 01
Coronavirus poses new threats to Indian banks buckling under mounting bad loans
The COVID-19 (Novel Coronavirus) pandemic has shaken the global economy, with every sector being massively hit by the deadly consequences of the virus. Companies and industries are finding hard to sail in these troubled waters and even banks could see a far-reaching impact during the time lockdown. With banks being burdened by heavy bad loans, major corporations, individuals clients and other relatively smaller businesses have further defaulted on loans.
The executive director at Findoc Financial Services, Nitin Shahi quotes his views on the current situation: “While the scenario has already been worrisome, the arrival of the coronavirus has made the situation even worse.” According to him, small businesses that have working capital gaps will take the biggest hit amidst COVID-19.
The effect of this serious pandemic on the banking sector and the overall economy will be seen even after the situations settle downs. Read to know how banks are buckling under mounting bad loans due to new threats from coronavirus.