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.
For more details, watch the video