COVID-19 pandemic: IBA says Omicron spread may hinder growth – World Affairs SRS

COVID-19 pandemic: IBA says Omicron spread may hinder growth

– World Affairs SRS

The resurgence of COVID cases due to the omicron variant may create some impediments in the pace of development.

However, according to the Indian Banks’ Association (IBA), the impact is not expected to be as severe as in the first and second wave.

IBA President AK Goel said 2021 was much better than expected for the banking sector. Steady asset quality backed by a gradual recovery in the job market and an improved corporate balance sheet helped the sector perform favorably.

Goyal, who is set to become the managing director and chief executive of Punjab National Bank this month, wrote the thoughts for January 2022 in the industry lobby group’s monthly newsletter.

He said that banks have been able to show good profits and are also seeing credit growth in various sectors.

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