A critical takeaway from RBL Bank’s media statement on its business updates pertains to its credit card business. “Acquisitions have stopped post the lock down, only digitally sourced cards being booked,” said the private bank. Further, credit card spends are down 40 per cent during the lockdown period and the bank expects a slight increase in credit cost in March. In a call hosted by UBS, HDFC Bank also stated that card swipes reduced in March. All these point at some stress brewing in consumer business (credit cards and personal loans, which are mainly unsecured) of banks and lenders. But how exacting can it be?
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