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
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One gauge of how badly being flung into Tier 3 affected local prosperity is the £44million support package handed to Liverpool city region, which was put into the highest level of restrictions in October, on top of £7 million when it went into the lower Tier 2. … [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?
So why are risky assets like stocks rising? Looking at Europe, Florian Hense of Berenberg Bank offers three explanations. The setbacks have been largely priced in, he said, and while the near-term outlook in the region isn't good, it hasn't gotten worse (the same can't be said for the United States). Meanwhile, the medium-term outlook has only gotten more positive, bolstered by "calmer US foreign and trade policy [and] vaccine progress." … [Read more...] about Vaccine progress is trumping bad economic news
However, it said the British economy contracted by more than previously thought during the first quarter, when the virus started to affect business activity before the full restrictions on businesses were introduced on March 23. It now estimates that the economy shrank by 2.5% in the first quarter, against 2.2% previously. … [Read more...] about Coronavirus: UK Economic Contraction During Lockdown is Largest Ever, But Recovery Stronger Than Expected
With the changing situation in the wake of the COVID-19 pandemic, Mr. Modi said, India has adopted a ‘Self Reliant India’ initiative. Following this vision, based on its competence and dependability, India will become an important and reliable pillar of the world economy and global supply chains, he said. … [Read more...] about For sustainable recovery in post-COVID world reformed multilateralism need of the hour, says PM Modi