Baskar Babu Ramachandran, MD & CEO of Suryoday Small Finance Bank, on Tuesday, said collection efficiency in July is substantially better than in June.
Suryoday Small Finance Bank on Monday, July 19, said its gross advances during the first quarter of fiscal 2022 fell 2 percent, while its deposits rose sequentially.
In its quarterly business update, the bank reported gross advances at Rs 4,082 crore in Q1FY22, up 16 percent YoY and down 2 percent, QoQ.
Speaking in an interview with CNBC-TV18, Ramachandran said, “The second wave of COVID-19 had an impact in terms of collection. However, the trend was encouraging and we see the trend continue to get the momentum going in July.”
On disbursement, he said, “The momentum in disbursal has started. The credit offtake was lower, both from customers’ end the requirements were muted and we are also cautious in making sure that we are funding the only customers with both ability and intent.”
For the entire management interview, watch the video