MUMBAI: Private sector lender IDBI Bank has fallen short of its recovery target by ₹700 crore due to the covid-19 pandemic and the ensuing lockdown, said Rakesh Sharma, chief executive of the bank. "The recoveries in this quarter were at ₹1,457 crore and in addition there were upgradations of ₹328 crore.
Maybe because of covid-19, the recoveries have fallen short by almost ₹700 crore," said Sharma. He added that since January and February were quite normal, the bank has been able to recover and upgrade ₹1,785 crore, apart from ₹344 crore in technical written off accounts.
According to Sharma, the lender has frontloaded the entire 10% additional provisioning of ₹247 crore on account of covid-19 moratorium in the March quarter.