RBL Bank expects to see further defaults in its credit card business in the months to come. At the end of September 2020, 9.4% of the banks’ credit card customers, in value terms, had not repaid their dues, a month after the Reserve Bank of India’s six-month loan moratorium policy ended, according to the banks’ investor presentation. Since then, some customers have repaid and the value of overdue credit card customers has reduced to 8.6% as of date, said Harjeet Toor, head of retail, inclusion and rural business, RBL Bank. “Around 54% of this pool of customers have not paid since April or May, this is roughly 5% of our portfolio, most of our credit losses will come from here. The size of this pool is within our expectations. In addition, only 0.4% of our the portfolio is overdue by 90 days,” he said during an earnings call. The RBI's policy, announced in the wake of Covid-19, allowed bank and non-bank borrowers, including credit card customers to defer their monthly loan repayments for six-months, till the end of August. In April, around 24% of the banks’ credit customers in value had availed the moratorium in April which reduced to 16% at then of August. The credit cards book grew by 41% YoY to ₹11,401 crore at the end of Q2FY21 and now makes up 46% of the banks’ total retail advances as of September 2020. The bank issued close to 100,000 cards in September and aim to return to its…
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