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Covid 2.0 estimation quite devastating, but impact to be lower than in FY21: Udaya Kumar Hebbar

Covid 2.0 estimation quite devastating, but impact to be lower than in FY21: Udaya Kumar Hebbar
May 12, 2021
Udaya Kumar Hebbar, Managing Director and CEO, CreditAccess Grameen×
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As Covid-19 second wave of infection has spread, how is the company gearing up to face it?
The sudden spread of the second wave of Covid-19 pandemic has again created a challenging and operating environment. We are anticipating the collections to witness a temporary decline in Q1 FY22 on account of several intermittent lockdowns/ restrictions being imposed across various states. The situation impacts the customers’ ability to manage their activities, as well as our ability to ensure seamless meeting with the customers. Our preliminary estimation is that the Covid2.0 is quite devastating, but impact on business will be lower compared to FY21. We draw confidence based on sufficient learning acquired last year to effectively manage the payment behaviour of borrowers in case of long duration moratorium.

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