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Banks fear second wave of defaults as curbs begin to bite
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Bankers fear the lockdown-like curbs, including curfews, travel restrictions and mall shutdowns, are likely to hurt borrowers, triggering a second wave of defaults. Without a repayment moratorium like the one announced by the RBI last year, the defaults are likely to pinch banks harder
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MUMBAI :
Banks, bruised by the pandemic last year, are bracing for more pain as the second wave of the pandemic threatens to raise loan default rates and worsen asset quality.
Bankers fear the lockdown-like curbs, including curfews, travel restrictions and mall shutdowns, are likely to hurt borrowers, triggering a second wave of defaults. Without a repayment moratorium like the one announced by the Reserve Bank of India (RBI) last year, the defaults are likely to pinch banks harder.
The chief minister said his government does not want to impose lockdown. "I believe lockdown is not a solution to deal with COVID-19. It should only be imposed if the hospital system collapses," he said.
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From 8,000 to 1 lakh in just 62 days; 2nd Covid-19 wave is more infectious than 1st
Pace at which second wave is spreading shows how new strains of coronavirus are making it difficult to contain spread, especially in Maharashtra, Chhattisgarh, Punjab, and Karnataka. Covid-19 spike comes even as India carries out world s biggest vaccination programme
Top officials have warned the second wave of coronavirus could be more dangerous than the previous one/ Photo for representational purpose
The second Covid-19 wave is more infectious and is spreading at a faster pace as compared to the first wave that hit India last year. As per the health ministry s data, the Covid-19 tally reached 97,894 cases per day from 8,105 cases per day in 110 days during the first wave. In the second wave, which started to show an upward trend in February, Covid-19 cases spiked from 8,365 cases per day to 1,03,558 per day in just 62 days.