As we all know the Covid-19 pandemic or the novel coronavirus has caused grave loss to the entire world economy, irrespective of what sector you work in be it the retail sector, the entertainment sector, or even the banking sector.
Claws Of Corona on the banking domains!
Corona hasn’t spared anyone. The financial sector has faced a loss of about 56.22 trillion in March itself. The pandemic has changed the way of banking, if not completely then to a great extent. Like every other business, they too! have taken deeply to the online world following digitization, there is a requirement for manual work only where necessary. The other banking services and functions are easily available online or on digital media.
The virus has spread into all the banking domains be its commercial banking, retail banking, corporate banking, union banking, and co-operative banking. The sectors most affected in the banking front are Corporate Banking and Commercial Banking.
Let’s take a closer look at how the virus has hampered both!
Corporate Banking
Corporate banking is the aspect of banking, as the name suggests, caters to the tailor-made financial services dealing with the corporate fragment of the country, assisting in loaning, investing, hiring and expanding services, in turn strengthening the trade fraternity of the economy.
The coronavirus has not only impacted the corporate sector at a physical level but also on a financial and economic level, dragging down the entire finance and business sectors of the economy not only in India but the world!
The negative impact has taken over all sides involving finance and business linkages, then be it due to isolating, following the practice of social distancing, that restrains the investors and businessmen from carrying out deals or entrepreneurs making errands to banks for different necessary services.
Or, even the liquidity rate which has accelerated due to stagnation and slow dissolution of the socioeconomic status of the country, on account of resistance to channelization and circulation of funds.
Commercial Banking
Commercial banking covers all need for financial planning at a public level. This aspect of banking covers every financial facility ranging from- accepting deposits, loaning instruments, and the basic investment option to earn profits. These facilities are extensively created for corporations, institutions, and at times the government to involve in merchant services, global trade services, treasury management, etc.
The commercial banking domain is the epicenter of COVID 19 in the banking fraternity. They are still thriving, helping their customers stay ashore throughout the outbreak, providing different services and functions with ease, and with as few delays as possible.
Covid-19 has even tossed the market dynamics and customer behaviors and mindsets when it comes to making saving and investment decisions, making them turn to different options that can save their finance. They go in for techniques giving them higher long-term benefits or just fast cash to make through these tough times of slowdown in the Indian economy.
Also like we all know the social distancing impact has led to a slowdown in the overall functioning in all sectors. Here it is not only the reduction of staff but also delays in different operations and services of the bank where making errands are inevitable.
Get the best of these banking fronts with the banking experts!
Shri Vinayak Sahakari Bank Ltd. is a reputed name in the banking sector of the economy, providing the best in class corporate and personal banking services, offering attractive interest rates and loan facilities along with appealing earnings powered by new age, secure digitalization in banking services, assuring sure-shot customer satisfaction. We also provide unique benefits to senior citizens for financial security and wellbeing.