borrowers missed equated monthly instalments (EMIs), showed data from the National Payments Corp. of India (NPCI).The repayment trend was recovering till about March, when the second wave of the virus hit consumer sentiment.
Banks said they witnessed higher cheque bounces in April, indicating a trend where borrowers hold on to funds even at the risk of defaulting.In April, 34.1% of auto-debit transactions conducted through the National Automated Clearing House (NACH) failed, primarily due to insufficient funds.
The volume of failures stood at 32.8% in March. This data does not reflect intra-bank standing instructions and is only for inter-bank mandates and those between a bank and a non-bank lender.