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Cyclone Amphan : Bandhan Bank sees Rs. 260 crore business loss

Kolkata-based private sector lender Bandhan Bank on Thursday said that about Rs. 260 crore of its loans to 65,000 of micro borrowers could be impacted due to the cyclone Amphan, that devastated many parts of West Bengal. 

In a regulatory filing, the bank said the major impact has been in the district of South 24 Parganas.

“As per the initial assessment, in our areas of operations, 49 banking units (micro banking outlets) in five districts were impacted of which 45 are operational today,” the release said adding, “the Bank could continue operations in all but five branches in the affected districts. Where the outlets could not continue services, it was due to issues in accessibility. We expect these outlets to resume operations shortly,” the bank said in the statement.”

It also added that banking outlets in the areas which had received prior warning of the cyclone, were prepared with necessary safety and business continuity measures which enabled continuity of operations. 

“In our experience of Fani, the cyclone that caused large scale damage in Odisha in May 2019, the impacted portfolio took 3 to 6 months to achieve normalcy, aided by the committed workforce and customer loyalty. On the back of this experience, we expect the Amphan affected portfolio to regularise by Q3 of FY21,” the release said.

At least 72 people have died in West Bengal while 12 deaths have been confirmed in Bangladesh due to the Amphan cyclone. Tens of thousands of trees were uprooted bringing down electricity and telephone lines. Cyclone Amphan made a landfall on Wednesday, lashing coastal areas with strong winds and heavy rains.

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