Bandhan Bank personal loan during the pandemic had to face a lot of losses in their loan books. Despite receiving a 1.4 billion dollar investment from BlackRock Inc. and Singapore’s GIC Pte, the bank could not save themselves from the financial demands of the current COVID-19 pandemic. During the course of the lockdown enforced by the Government of India due to the pandemic, the Bandhan Bank personal loan saw a rapid decrease of 75% in their repayments and collection process. The bank had to thereby customize their services in order to accommodate such financial decline.
The founder and CEO, Chandra Shekhar Ghosh gave an interview recently and mentioned that they are now shifting their focus towards rural India aiming to maintain a 4% return on assets by expanding their services and incorporating more aspects in their portfolio. He said that the customer base in the rural areas is untapped and people do not have a lot of ideas about how to channel the right loans and enhance their credit requirements. The bank is trying to advocate for such a customer base and channel their resources towards the betterment of the demands of the rural borrowers, the CEO said. With their new focus, the banks wish to bring in some lifestyle changes and cater to the business needs of the people. This would not only help the borrowers but also provide Bandhan Bank a means to enhance their profit margin and expect a rise in their loan books.
According to the bank’s recent statistics, about 62% of the bank’s loan book is held by Bandhan Bank personal loan on unsecured microfinance. The bank is also ready to enhance its less risky services like that of gold loan, home loan, car loan, etc. The bank’s CEO and founder are confident that the bank will soon reach great heights.
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