INSUBCONTINENT EXCLUSIVE:
pandemic second wave has been in terms of a demand shock - mainly in terms of mobility, discretionary spending and employment.The central
Q1 of the current fiscal.Although extremely tentative at this stage, the central tendency of available diagnosis is that the loss of
momentum is not as severe as at this time a year ago, the RBI has noted.It has observed that the ferocity of the pandemic's second wave
has overwhelmed India and the world, but war efforts have been mounted to stop the second surge in its tracks.Although extremely tentative
at this stage, the central tendency of available diagnosis is that the loss of momentum is not as severe as at this time a year ago, the
central bank said.Analysing the performance of non-banking financial companies (NBFCs) during the pandemic, the RBI has said that they
promoting financial inclusion.Though the consolidated balance sheet of NBFCs grew at a slower pace in the second and third quarters of
2020-21, they were able to continue with credit intermediation, albeit at a lower rate, reflecting the resilience of the sector.Among
sectors which NBFCs lend to, industrial sector, particularly micro and small and large industries, were the hardest hit by the pandemic as
they posted decline in credit growth, the RBI said.
