The idfc first bank opened a new branch in a town which is about 30 km distant from my location. They have recruited 60 executives and sent them into the town. They are just visiting all the shops pity businesses and obtaining their kyc and giving them loan of 1 lakh. They are lending at interest more than 24 % and everyone is quing at the branch premises to obtain the loan. This way they can easily grow the book at more than 25% every year. But reality strikes when economy condition worsens. I’m a psu bank manager and have seen enough of such boom and bust periods. First I was very optimistic of this bank future but after seeing their lending practices it seems I better stay away than feel sorry in future.
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