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SBI Cards reports spike in loan defaults due to Covid-19

SBI Cards and Payment Services Ltd reported a rise in loan defaults from its credit card customers during the second quarter of the financial year as the Covid-19 pandemic has impacted borrowers' wallets and tightened consumer spending. The credit card non-banking finance company reported a rise gross non-performing assets (GNPA) to 4.29% in September 2020 compared to 1.4% in June 2020. "The impact of COVID-19 has led to significant volatility in global and Indian financial markets, which may persist even after restrictions related to the pandemic outbreak are lifted," the company said in its financial statements. The quantum of loan defaults or bad loans would have been higher had it not been for the Supreme Court's interim order on September 3, 2020 in Gajendra Sharma Vs Union of India. The apex court said that lenders should not downgrade accounts to…

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