Banking in 2021 --Winning beyond Covid

The strong, dynamic, innovative and proactive policy response of the RBI and the government went a long way to stabilise the system

The year 2020 will forever be etched in our memory as the year of Covid-19. The pandemic has had a deep impact globally on the way we live and work, our economy and of course, the banking sector. India’s GDP is likely to contract by 7-7.5 per cent in FY21. Yet, even as I write this article, there are signs of recovery. Daily average power consumption was up by 4 per cent year-on-year (YoY) in November 2020, the IIP is up 3.6 per cent YoY, deposits are up by 11 per cent YoY and credit is up by 6 per