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
Who economic recovery
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?
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
Hanoi (VNA) – Indonesian President Joko Widodo has called on the G20 economies to help developing and underdeveloped nations recover from the COVID-19 pandemic and economic downturn. Accompanied by Foreign Minister Retno Marsudi, Widodo made the remarks when attending the first day of the G20 Summit via video conference from the Presidential Palace in Bogor, West Java, on November 21 evening. The President reminded the UN Secretary-General's statement on the need for strong solidarity for developing countries, Widodo was quoted by the foreign minister as saying. He said without the assistance of the G20 countries, developing and underdeveloped countries will not easily recover from the pandemic and economic downturn, according to Marsudi. The President said that the United Nations Conference on Trade and Development (UNCTAD) has requested financial support of 2.5 trillion USD so that developing countries are able to get out of the economic downturn, Marsudi said. Widodo … [Read more...] about Indonesia calls on G20 economies to assist developing countries
Wang said Xi has pointed out the historical positions of BRICS countries, the APEC and the G20 at a time of once-in-a-century changes, putting forth 23 important initiatives, proposals and measures for coordinating COVID-19 control with economic and social development, cooperating to shape the post-pandemic international order, and strengthening global economic governance. … [Read more...] about Xi offers China’s solutions to global challenges: State councilor