Indian Banks may get Rs. 12 trillion hit from Covid: Mckinsey

Global strategy consultancy firm McKinsey has estimated that banks in India could face a potential hit of Rs 12 trillion till 2024 from the fallout of the Covid-19 pandemic – with revenue foregone estimated at Rs 5.5 trillion and loan loss provisions about Rs 6.7 trillion. The crisis of 2008 came from within the financial services industry, but the current one has affected the real economy and banks are economically afflicted alongside other sectors.