The festive season has been good for banks. Consumption-led businesses have shown strong growth in this festive season. In the initial five months of the pandemic and during the nationwide lockdown, consumption had reduced. In an interaction with Hiral Thanawala of Moneycontrol, Sumit Bali, President and Head – Retail Lending & Payments, Axis Bank, who joined the bank during the pandemic, discusses how consumption-led demand has been picking up. As of September 2020, Axis bank had 80 per cent secured and 20 per cent un-secured loans. Home loan, loan against property and loan for passenger cars contributed up to 65 per cent in the half-year ended September 2020.How was the festive period for the bank in terms of lending growth? Consumption-led businesses have shown strong growth in the festive season. People are spending at shops and restaurants again. Post-Diwali, it’s a cooling off period for couple of weeks. But we are expecting business to pick up again from mid-December, when the holiday season resumes, as customers will travel, shop and dine. Also, we expect demand for car loans to pick-up with year-end offers coming from manufacturers. The demand for home-loans has been steadily increasing and is expected to continue for… Read full this story
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Secured loan book back to pre-COVID levels: Axis Bank have 310 words, post on www.moneycontrol.com at November 30, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.
