Technology Will Be The Deciding Factor

There is a good chance that 2021 will be remembered as the year the world picked itself up after Covid-19. In particular, the banking sector was forced to make years’ worth of technology and business model changes in a matter of months.

In India, since the nationalisation of banks, the banking sector has evolved significantly. A strong banking sector has been instrumental in India’s growth over the years. However, the sector has been laden with high NPA levels. The introduction of the Insolvency and Bankruptcy Code (IBC) helped create a better resolution mechanism for large NPA situations.

The retail banking sector, though less impacted by the non-performing loans situation, was hit by Covid-19 to some extent. However, relief packages and regulatory measures announced by the government did support the sector in a big way and gradually put it on the path to revival. If anything, Covid-19 has shifted the focus of the