Executives at HDFC Bank’s headquarters in Mumbai were in for a surprise when they saw a large number of applications for availing the three-month moratorium announced by the Reserve Bank of India (RBI) to mitigate the impact of Covid-19. Most of the applications were from retail borrowers, who constitute more than half of the bank’s loan book. A quick survey revealed that most borrowers were taking the moratorium out of caution and not due to financial stress.
Not very far away in Pune, the senior management team of Bajaj Finance, one of the country’s largest nonbanking financial companies (NBFCs), were working on three likely scenarios – in case the lockdown extends to 21 days, 41 days and 49 days, respectively – to lessen the impact of Covid-19 on its business and formulate a strategy to conserve capital, going forward. The NBFC, which has a large portfolio of consumer durables and auto loans, expects business as usual only by the fourth quarter of 2021/22, especially if the lockdown extends to 49 days, till May 15. “The company will be forced to take a harder view on operational expenses and explore a 12-15 per cent cut against the current 7-8 per cent,” warned Rajeev Jain, Managing Director of Bajaj Finance, in an investor call earlier this month.
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