Nitin Chugh, MD & CEO, Ujjivan Small Finance Bank:
Firstly, we need to analyze the situation that we are going through and that will determine the co-drivers. In addition, we need to find ways of living with covid until everybody gets vaccinated. Financial institutions are functioning during the pandemic by adjusting working models. Secondly, there is a change in the behavior of customers who have adopted habits that are unlikely to go away. Most of them will prefer remote interactions and transactions that they can do on their own. A large chunk of our customers will want to transact with the banks and MFIs differently. Thirdly, we have taken the step from the regulatory point of view in terms of liquidity inclusion, ie measures that will bring back demand for credit in a healthy manner. These things will also define the market components, and profoundly, we will have serious players left in the market. The microfinance business attracts a lot of players; for example, State Bank of India is making a strong push for re-entering microfinance business. This means that it is a good business to be in.
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