Banks fear second wave of defaults as curbs begin to bite Premium Bankers fear the lockdown-like curbs, including curfews, travel restrictions and mall shutdowns, are likely to hurt borrowers, triggering a second wave of defaults. Without a repayment moratorium like the one announced by the RBI last year, the defaults are likely to pinch banks harder Share Via Read Full Story MUMBAI : Banks, bruised by the pandemic last year, are bracing for more pain as the second wave of the pandemic threatens to raise loan default rates and worsen asset quality. Bankers fear the lockdown-like curbs, including curfews, travel restrictions and mall shutdowns, are likely to hurt borrowers, triggering a second wave of defaults. Without a repayment moratorium like the one announced by the Reserve Bank of India (RBI) last year, the defaults are likely to pinch banks harder.