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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | The impacts of pandemic Covid-19 on Indian Banking System - A review on various literature |
| Authors Name: | SUMITHA S |
| Unique Id: | IJSDR2305392 |
| Published In: | Volume 8 Issue 5, May-2023 |
| Abstract: | The economy has been extremely affected due to COVID-19 Pandemic. The pandemic had impacted cruelly in the various industrial sectors of India as well the countries across globe. In India, the impact of covid outbreak was the negative growth rate in the economy. While, Banking being backbone of the Indian economy. The covid-19 impact on banking was severe too. We could see the fall in demand of banking products, there was lower incomes, and production shutdowns leading to millions of people being unemployed. This situation had an adverse effect in other business of banks. Banks were facing the problem of NPA, non-recovery of loan, customer frauds, bad loans etc. While, loans being the essential banking product. Surprisingly, the digital use of money transactions took place and we saw every household using payment banks facilitates to transfer funds from one to another. Entire Indian banking sector faced many challenges such as liquidity issue, Reserve Bank of India reduced REPO RATES to name a few measures. Banks had to follow Standard Operating Procedures (SOP) issued by the Government to protect its employees and customers from virus spread. Reserve Bank of India decided to provide concession for paying EMI from customers by increasing its period for repayment. The study focuses on the various problems faced by the banking industry. |
| Keywords: | Loan, Banks, COVID -19, Pandemic |
| Cite Article: | "The impacts of pandemic Covid-19 on Indian Banking System - A review on various literature ", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 5, page no.2490 - 2492, May-2023, Available :http://www.ijsdr.org/papers/IJSDR2305392.pdf |
| Downloads: | 000337070 |
| Publication Details: | Published Paper ID: IJSDR2305392 Registration ID:207041 Published In: Volume 8 Issue 5, May-2023 DOI (Digital Object Identifier): Page No: 2490 - 2492 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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