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By default: Coronavirus threatens to derail retail boom for Indian lenders

India city Mumbai economy Government crisis Coronavirus
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Non-repayment of credit card, personal loans has surged in the last few weeks, increasing the troubles of lenders already struggling with soured loans to larger corporates, and potentially slowing down the country's recovery from the crisis MUMBAI : Indian lenders are facing a jump in coronavirus-related defaults on credit card dues, personal and vehicle loans, forcing them to set aside hundreds of millions of dollars and take steps like asking sales staff to track down borrowers who have vanished.

A near two-month nationwide lockdown to halt the spread of COVID-19 has clobbered India's retail financial segment, seen as the last bastion for a banking industry that had already raked up more than $120 billion in bad loans and is ranked the

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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