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Banks Turn to Retail Borrowers as Corporate Demand Drops
October 05, 2017
Realizing that corporate credit demand has plummeted lately, banks are now focusing on their retail borrowers to stay in business. A large number of banks are offering EMI waivers, lower interest rates, home loan cash backs, while targeting iPhone buyers, home buyers, etc. this festive season.
According to RBI data, this year, retail growth stood at 15%, a considerable drop from 18.8% recorded last year. Additionally, home loan growth plummeted to 10.5% from last year’s 17.2%.
Andhra Bank, State Bank of India, and Bank of Baroda are some of the banks that have lowered their base rates to attract borrowers.
