A lot of banks and NBFCs had to face a lot of problems due to the COVID-19 pandemic. Having received a 1.4 billion dollar funding, the Bandhan Bank could not be saved from facing a drastic downfall. The bank saw a sudden drop in the rate of repayments leading to their profit margin declining and their loan books getting a huge amount of loan deflections. The delay and decline in the rate of repayments have also affected the bank’s finances badly. The bank due to all the losses incurred has to now refresh their markets and increase their customer base.
The bank has suffered greatly during the pandemic and is now changing its ways and focusing on rural households to uphold its motto and show an increased customer base. Bandhan Bank has already been in business with small vendors like vegetable and fruit vendors. The demands for the rural customers are ever-changing and the bank wants to cater to that pre-existing audience base who is unable to meet their demands without a proper financial platform. With Bandhan Bank’s personal loan having low-interest rates and low processing fees along with fewer documentation requirements, it is attracting a good number of borrowers from their focal rural front.
Bandhan Bank has more than 4,700 branches and is confident that they will add 574 more branches to their portfolio. They wish to break loose of their geographic barriers and establish themselves outside eastern India. With this expansion, the bank is hoping to increase its revenue that saw a huge hole due to the COVID-19 pandemic. The bank’s net capital adequacy has been constantly set at a 25.68% progress rate. Bandhan Bank personal loan right now is not focusing on enhancing their rates, but instead on increasing the number of borrowers. With changing times, the banks are also changing and trying to rise higher.
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