Bandhan Bank Personal loan suffered a great amount of loss due to the COVID-19 pandemic. The micro-lender turned universal loan lender, the Bandhan Bank had a tough time staying afloat during the pandemic. A lot of banks during COVID-19 remained shut due to the nationwide lockdown. While some banks like Lakshmi Vilas lost their funding and had to merge with bigger banks to stay afloat, national banks like HDFC and State Bank of India did not have any adverse effects. They managed to keep their loan books on track.
Bandhan Bank saw a 5% loss in their September quarter the management revealed on Monday. Despite the increase in the repayments that the bank saw, it is still expected to see a further decline in its profit rates. The bank has to try all the harder to stay at the top of their game as the leading lender. Kolkata-based Bandhan bank has still not lost hopes and is determined to rise above all and reach back to the pre-covid times. The bank has now turned its attention from the urban markets to the rural ones. With a lot of competition already existing in the market, the bank is looking for unique ways to take over the market.
The Bandhan Bank does not have a pre-existing rural customer base and so they are now wanting to turn their focus and attention into making personal loans more accessible and affordable for the rural bracket of the society. With the majority of the rural households having fewer money resources due to the disruption caused by the pandemic, Bandhan Bank personal loan is offering them less interest rates and low processing fee. Their main motive for the bank for moving to rural households is to have more people join their wagon and for the bank to retain their customer base.
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