Hello Kolkata Network : An interactive session on “Trends in Retail Lending for Kolkata and West Bengal" and "Growing Importance of Credit Score"took place at a renowned hotel in Kolkata.
Mr. Subhrangshu Chattopadhyay, Vice-President, CRIF High Mark highlighted the key features of the aforementioned topics.
As per CRIF High Mark view on Importance of Credit Scores, a good credit score allows a borrower to get loan approval quickly whereas a poor credit history impacts her chances of getting any loan in future. Therefore, it is important that borrower should pay up instalments on time so must have a good credit score.
The retail credit industry has demonstrated good growth over last few years. It has grown by nearly 18% in the last fiscal. The credit to deposit ratio averages around 75%, whereas the eastern region significantly trails behind at 41%, the ratio for West Bengal is about 50%. West Bengal is known to contribute about 50% to the economy of East India. Similarly, West Bengal has 58% share of the credit issued in East region.
Housing Finance Portfolio in West Benga grew by 19%, higher than the pan-India growth of 16%, from Rs 42.9K crores to Rs 51.2K crores. 44% of this portfolio i.e. Rs 22.5K crore is in Kolkata. Public sector banks have been the primary lenders in the state – with 55% of market share.
Car financing market has grown by 30% year on year between Dec’16 and Dec’17. As per CRIF High Mark assessment, the growth in car financing space is likely to continue and addition of another 3-5% to the topline won’t be a surprise, we also believe that NBFCs will extend more credit going forward.
As per CRIF High Mark view on Microfinance sector in WB, nearly Rs 3000 crore got added to the portfolio in the Q4FY18, showing an 18% increase. The growth of this sector in West Bengalis likely to continue with the similar pace in the coming year too, remarked Mr. Subhrangshu Chattopadhyay.
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