The major Indian financial entities like SBI, BOB, Indusind, and ICICI banks are moving towards a bunch of Non-profit assets. In the current scenario, small scale industries and corporate entities entities are unable to repay their loans during the pandemic turning the most prestigious banks into space.
According to Bank of America, earnings of major banks have reduced, incorporating the biggest lost in these four. Also the Paytm founder Vijay Shekhar Sharma “this would be the biggest nightmare” of 2020.
This will transform the trust gained on the biggest Indian finance entities to small financial sectors which helps in providing unsecured loans.
SBI which was regarded to be in Fortune 500 has now slipped down to many places. Most of the customers in Indusind and ICICI banks have chosen to follow RBI three months moratorium period. It is said that even if this moratorium period comes to an end, people will not be able to repay their money lent by the banks and the assets will have a lower value as compared to the market value.