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  Business   In Other News  14 May 2020  Bandhan Bank expects recovery of loans extended to micro-credit customers from second quarter of FY21

Bandhan Bank expects recovery of loans extended to micro-credit customers from second quarter of FY21

PTI
Published : May 14, 2020, 1:28 pm IST
Updated : May 14, 2020, 1:28 pm IST

CEO Chandrashekhar Ghosh said customers in that sector are not facing problems in their businesses as they deal with local supply chain

Kolkata: Bandhan Bank Managing Director & CEO Chandra Shekhar Ghosh . (PTI Photo)
 Kolkata: Bandhan Bank Managing Director & CEO Chandra Shekhar Ghosh . (PTI Photo)

Kolkata: Private lender Bandhan Bank said on Thursday that recovery of loans extended to micro-credit customers will happen from the second quarter of the 2020-21 fiscal.

The bank's MD and CEO Chandrashekhar Ghosh said customers in that sector are not facing problems in their businesses as they deal with basic goods and the local supply chain.

 

"But, owing to the lockdown, we are not being able to physically visit them to collect the instalments. Hence, we categorised those under the moratorium arrangement," he told PTI.

Ghosh, however, said such customers did not seek any kind of moratorium.

"They are doing business and have the money. They are not under any stress," he said.

"Till the time the lockdown prevails, there will be some challenges. We spoke to the micro-credit customers and got the feedback that transactions will resume once the curbs are lifted. In the meantime, they are keeping cash in hand to meet any kind of exigencies," Ghosh added.

Once the lockdown is lifted, they will require four to six weeks time to repay the entire loan instalment, he said.

Bandhan Bank, which transformed into a full-fledged lender from an MFI, plans to pare micro-credit exposure over the next three to five years from 61 per cent at present.

Tags: bandhan bank, ceo chandrashekhar ghosh, micro-credit customers, lockdown
Location: India, West Bengal, Calcutta [Kolkata]