Provisioning by banks may top ?25,000-30,000cr ($3.37-4bn). Rivals brace for WhatsApp Pay debut.
Bring It On
WhatsApp Pay’s entry into India’s growing digital payments market is imminent – and its competitors are already bracing themselves. Google Pay and PhonePe are tying up with hundreds of businesses in the country, enabling them to open mini digital storefronts within the payment apps where users can browse for products and services. [ET Tech]
Setting Aside for a Rainy Day
Banks will have to reportedly face provisioning pressure of at least ?25,000-30,000cr ($3.37-4bn) in the March quarter. Most of the cases where inter-creditor agreements (ICA) were signed remain unresolved. Moreover, banks will have to continue providing in cases like Dewan Housing Finance Corporation (DHFL). Since most of the cases remain unresolved, banks will have to make additional 20% provisioning as no resolution could be reached in 210 days period after signing ICAs, as per the RBI’s provisioning norms. [Financial Express]
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