Kotak Mahindra Bank Turns Cautious on New Lending, CEO Says

Bank says Covid-19 impact depends on ‘highly uncertain’ future
Profit falls by nearly 10% as provisioning ramped up

General Economy As Economic Survey Presented at Parliament Ahead of Annual Budget — Photographer: Dhiraj Singh/Bloomberg

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By Suvashree Ghosh

May 13, 2020 at 7:18 AM UTC

Updated on

May 13, 2020 at 12:23 PM UTC

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Kotak Mahindra Bank Ltd. is becoming more selective about handing out new loans, amid concerns about the impact of the coronavirus on Indian borrowers.

The bank will “very seriously” screen its lending and only approve loans that involve the “right risks,” Chief Executive Officer Uday Kotak said on a conference call, soon after the bank reported its profit fell by nearly 10% in the latest quarter.