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    Collections not yet at pre-COVID levels; will take 1-2 qts to be back to normalcy: Equitas Small Finance

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    Collections not yet at pre-COVID levels; will take 1-2 qts to be back to normalcy: Equitas Small Finance

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    In an interview with CNBC-TV18, PN Vasudevan, MD & CEO of Equitas Small Finance Bank, said, “Collections were at 95 percent in October 2020. However, they are not yet on pre-COVID levels.”

    Equitas Small Finance on Wednesday said that the collections have not yet reached the pre-COVID levels and that it will take 1-2 quarters for things to come back to normalcy.
    In an interview with CNBC-TV18, PN Vasudevan, MD & CEO of Equitas Small Finance Bank, said, “Collections were at 95 percent in October 2020. However, they are not yet on pre-COVID levels.”
    “Microfinance collection efficiency at the industry level is about 93-94 percent and pre-COVID, it used to be around 99 percent,” he said.
    According to him, commercial vehicles form 25 percent of the book and in those, heavy commercial vehicles would be 7 percent.
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