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Thursday, February 22, 2024

Bandhan Bank collection efficiency ratio touches 90pc in August

Kolkata: Private lender Bandhan Bank on Friday said collection efficiency ratio has touched 90 per cent at the end of August, and expected collections to normalise by December.

The ratio, which is improving on a “daily basis”, is likely to be over 90 per cent in October as well, it said.

“Our micro borrowers have showed great resilience. The ability to get back on feet is exemplary and there has been no destruction of their assets,” MD & CEO Chandra Sekhar Ghosh said.

In case of non-microbanking credit, collection efficiency has also increased for mortgage lending, SME lending, NBFC lending, the bank said.

Ghosh said prospects for credit offtake in the second half of the fiscal look promising. “The recovery process will be led by rural and semi-urban India”.

Meanwhile, the lender renamed its micro-credit vertical as Emerging Entrepreneurs Business (EEB).

“In line with the bank’s business strategy, a new vertical has been formed to better serve the emerging and diversified needs and aspirations of this segment.

“In addition to microloans, the vertical will also manage micro home loans, micro bazaar loans and micro enterprise loans,” Ghosh said. (PTI)

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