HDFC Bank, India's most valuable lender, expects a 40-60% rise in retail loan disbursals for the second half of this fiscal year as the economic recovery underway has brought business back to pre-Covid levels. After a gap of six quarters, the vehicle-loan book is expanding in double digits.Arvind Kapil, country head, retail lending at HDFC Bank, said the lender is rapidly returning to its pre-Covid growth rate. Kapil manages a loan book of close to Rs 5 lakh crore across 11 different businessesThe two biggest contributors to HDFC Bank's loan book – business loans (small businesses) and automotive sector - which accounts for over 35% of its loan book have returned to double digit growth and Kapil expects it to sustain. The vehicle-loan books (including car, commercial vehicles and two-wheelers) together account for a quarter of the total retail advance of the HDFC Bank, followed by personal loans (23%) and business loans (13.09%).The retail loans accounted for 46.7% of the total … [Read more...] about HDFC eyes 40-60% rise in disbursement in H2 of FY-21 on quick economic recovery
Austerity vs stimulus the political future of economic recovery
"The direct cash payments in the CARES Act boosted the economy by increasing spending at all income levels, and the most among low-income people," they said. "Direct checks, especially if targeted to the bottom half of households, would ensure those struggling the most, particularly Black, Latinx, and Native American families, aren’t left behind." … [Read more...] about Economists call for more stimulus checks
“The president will sign this if these guys get out of the way and leadership stops paying politics,” Reed said. “It was presidential politics before; now it’s a race in Georgia that is distracting everybody or making them put politics over people. It’s time to put people first, and get this deal done.” … [Read more...] about Problem Solvers Caucus Chair: ‘Critical’ to Pass COVID-19 Stimulus in Lame-Duck Session
Whether the spike in popularity and research will translate into a wave of action is an open question. But some, like Jardine, see reason for optimism. One study conducted by Oxford University in March found that 71% of Europeans now favor the introduction of a universal basic income. … [Read more...] about Vaccine progress is trumping bad economic news
High Street banks have now been granted £65.5 billion under Government-backed schemes to more than 1.5 million businesses. But the National Audit Office thinks losses could amount to £26 billion through fraud, organised crime and borrowers going bust — and as the loans are guaranteed by the Government, the taxpayer is on the hook for that money. … [Read more...] about The REAL cost of Covid-19: RUTH SUNDERLAND’s terrifying dossier exploring the full economic damage will make you ask… can we afford to keep the brakes on Britain?