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Second Covid wave upped household debt stress: SBI report

India covid-19 Waves
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Covid-19 wave has resulted in significant deposit outflows from the banking system in alternated fortnights, the pace of which has now again moderated, according to a new report from State Bank of India's (SBI's) economic research department.

It said one of the worrying features is rising household debt stress. Household debt -- after taking into account retail loans, crop loans and business loans from financial institutions like commercial banks, credit societies, NBFCs and HFCs -- has sharply increased to 37.3 per cent of GDP in FY21 from 32.5 per cent of GDP in FY20. "The decline in bank deposits in FY21 and concomitant increase in health expenditure may result in further increase in household debt to GDP in FY22," said the report.

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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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