new Delhi. The Indian Banks' Association (IBA) is working on facilitating banking in terms of lending and focusing on rapid decision making in the midst of the Kovid-19 crisis. IBA Chief Executive Officer (CEO) Sunil Mehta said this on Friday. He said that member banks are working on digitization of loan product so that human intervention in the lending process is minimized. He said, "Ease of banking is one of the key agenda of IBA and bankers are thinking about it. Bankers will have to think about fast delivery. Banks are turning this epidemic into an opportunity for digitization of their loan products You will get more digital products after 6 months from now. ''
He cited the 'PSB Loans in 59 Minutes' portal, stating that such an algorithm-based decision making platform can be made effective for the entire duration of the loan, so that human intervention is minimized. In a webinar organized by industry body Assocham, he said, "Banking has changed during the last 10 years. There are going to be further changes. These reforms are really needed. Bankers are working on it."
State Bank of India (SBI) Managing Director Dinesh Kumar Khara assured all support to Micro, Small and Medium Enterprises (MSMEs) and said that banks are open to request for rehabilitation and restructuring of loans. Khara also said that some sectors of the economy such as hospitality, travel and tourism will need to be handled well. Having similar views, Mehta said that the government has requested the RBI to consider a one-time restructuring plan for some areas affected by the epidemic. He said, "The areas that really require separate attention are aviation, hospitality, travel and tourism etc.
These are areas that have been greatly affected during the epidemic due to consumption levels and travel restrictions. It may be that the government brings a special package for these sectors or the Reserve Bank will introduce a special debt restructuring plan. "Khara said that rural areas provide some hope as the agricultural economy has not been badly affected. He said that the self-sufficient India campaign package with various measures of Rs 21 lakh crore by both the Reserve Bank of India and the government would help fulfill the ambition of growth of the economy.
This post was published on July 17, 2020 5:15 pm
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