R.BHASKAR BABU (MD Of Suryoday Small Finance Bank) Said: Microfinance Customers Are Also Going Digital
The coronavirus pandemic is likely to see a dramatic shift in the way microfinance customers will do banking transactions. More customers are now taking to digital to repay their loans and banks are offering short-term overdraft facilities for individual borrowers. Suryoday Small Finance Bank, once a microlender, is exploring these new opportunities. In an interview for Mint ’s Pivot or Perish series, R. Bhaskar Babu, managing director and chief executive, Suryoday Small Finance Bank, discusses the strategies to navigate the situation. Edited experts: In what ways is Suryoday pivoting with the changing realities brought in by covid-19? Before April, we had not done a single digital transaction. In April, we saw 1,000 digital transactions. In May, 10%, or 100,000 of our customers, made payments through digital means without meeting us, either through UPI (Unified Payments Interface) or net banking or debit card. We have a tie-up with Razorpay. So, the customer had to click on the l...