India crisis Department Coronavirus India

Banks, NBFCs step up loan collection drive

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Most financial institutions are repurposing their existing workforces to pursue their low-ticket borrowers Banks and non-banking financial companies in India are mapping new strategies as they prepare for the challenge of recovering their retail loans amid widespread disruptions to household incomes from the coronavirus crisis.

Most of these financial institutions are repurposing existing workforces to pursue their low-ticket borrowers once the lockdown measures and the six-month moratorium on loan repayments are lifted.

State Bank of India (SBI), the country’s top lender, for instance, is exploring a tie-up with the Department of Posts to reach out to the bank’s massive customer base.

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