The resurgence in the COVID case with the advent of Omicron may create some disruptions to the growth momentum. However, its impact is not expected to be as severe as that in the first and second waves, according to the Indian Banks’ Association.
A K Goel, chairman of IBA, said for the banking sector, the year 2021 played out to be much better than expected. Stable asset quality supported by a gradual improvement in the job market and better corporate balance sheet helped the banking sector put up an affable performance.
Goel who is slated to become managing director and chief executive of Punjab National Bank later this month penned thoughts in the industry lobby group's monthly newsletter for January 2022.
Banks were able to show good profit numbers and also see the credit uptick in various sectors, said Goel.
Referring to the adoption of digital banking, he said as technology has become inevitable with rapid advancements in the digital payments landscape and the emergence of new entrants across the Fin-Tech ecosystem.
Banks need to equip themselves to meet the customers’ expectations, however, cyber security concerns should also be taken care of.
Since the sector is in the last quarter of the financial year (Fy22), it is imperative to closely observe the developments around and take prudent decisions accordingly, he added.
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