Market Research Report
Retail Banking in India - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||952723|
|Published||Content info||18 Pages
Delivery time: 1-2 business days
|Retail Banking in India - Coronavirus (COVID-19) Sector Impact|
|Published: July 28, 2020||Content info: 18 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most of the countries across the world registering contractions in their economic growth for the year to date. Many economists and institutions have cut their forecasts, with many experts predicting the onset of long-term recessionary environments.
A similar trend has been seen in India, with economic growth declining in the first quarter of 2020, which will decelerate further if the disease is not controlled. The decline will have an adverse impact on all sectors, including banking and payments. While the government is easing restrictions in a calibrated manner, the surge in daily active case numbers is a worrisome factor. The country is seeing a spike in new cases across several states, which remains a key challenge going forward. India now has the third-highest number of total COVID-19 cases in the world (behind the US and Brazil).
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in India. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.