With 61% of Loan Book Tied Up in High-Risk Microcredit, Bandhan Bank Feels the Heat of Coronavirus Lockdown
In 2010, when the microfinance crisis broke out in the southern state of Andhra Pradesh, banks with high exposure to Micro Finance Institutions (MFIs) witnessed a devastating phase.
Five years ago, Amira Hawamdeh took out a loan for $423 to buy buttons and yarn to make purses and sweaters, and winter blankets to sell to her neighbors.
Growth in Sub-Saharan Africa has been significantly impacted by the ongoing coronavirus outbreak and is forecast to fall sharply from 2.4% in 2019 to -2.1 to -5.1% in 2020, the first recession in the region over the past 25 years, according to the latest Africa’s Pulse, the World Bank’s twice-yearly economic update for the region.
Private companies join hands in support of the government’s social amelioration program to Filipinos severely affected by the COVID-19 enhanced community quarantine (ECQ) through the promotion of alternative encashment facilities nationwide.
Amid the global COVID-19 pandemic and 21-day lockdown faced by South Africans, First National Bank has announced additional measures to assist small and medium-sized enterprises battling with funding in the country.
In order to curtail the risk of spread of coronavirus and limit the physical interaction of citizens at bank branch level, the State Bank of Pakistan has waived all bank charges for online fund transfer services and the transactions charges on Real Time Gross Settlement System for customers.
Tunisia’s apex bank, Central Bank of Tunisia last Thursday, March 26, unveiled new banknotes honouring a female history maker in the country’s medical history.
The Central Bank of Nigeria has announced its first set of policies to cushion the negative impact the deadly Coronavirus on Nigerian businesses and economy.
The disruption to the world’s economies caused by the Covid-19 pandemic is expected to wipe out 6.7% of working hours globally in the second quarter of this year – the equivalent of 195 million jobs worldwide, according to the UN’s labour body.
As the Reserve Bank of India announced relief measures for the common man to deal with coronavirus, several banks have come out with their explanations on what will the impact on the EMIs for the customers if they opt for deferring the EMIs by three months. Here is an FAQ by HDFC Bank, explaining how the stipulation by RBI will impact its customers.