From loan moratorium to digitisation, 2020 saw major shifts in banking

Calendar year 2020 will be remembered for the major shifts caused by the pandemic that led to the Reserve Bank of India’s urgent steps to ensure financial stability. The year also saw the failure of large financial institutions.

The central bank allowed a moratorium (payment holiday) on dues for six months, while raising the insurance cover for bank deposits by 5x. Besides, the use of digital channels for banking saw a sharp rise.

While lenders create a hype around the services offered on digital platforms, customers think otherwise, given that frustration due to the quality of service has only increased, over the years. 

Complaints on ATM/debit card usage, as well as mobile and e-banking, top the chart.