New Normal for Financial Management post Covid-19: Analytical Review with reference to Banking sector in India
Abhijit Kelkar1* and Mohammed Hassan2
Published: October 07, 2022
DOI: 10.55162/MCET.03.082
Abstract
After the COVID-19 shutdown, there emerged a “new normal” characterised by a combination of in-person and virtual contact. In a case-control study, a few researchers examined how the “new normal” affected people’s sleeping and eating habits compared to before the epidemic. In one research, secondary data may be the most crucial information in another. This occurs when data is utilised more than once, serving as primary data for the first study and secondary data for the second. One thing is constant in a world that changes rapidly: financial professionals must continually endeavour to enhance their abilities to maintain their jobs and advance their careers. When the country was placed under lockdown in March 2020 due to the coronavirus, credit growth halted in nearly every industry. The growth in stressed assets induced by the pandemic is projected to triple the cost of loans from the banking sector in FY21 compared to pre-COVID-19 levels. To address the high number of defaults, banks will need to repair or enhance their internal systems and modify their internal risk and early warning systems based on lessons acquired during the financial crisis. If banks want to ensure the success of their commercial and operational strategies in the future, they must act swiftly. A list of suggestions that might assist banks in preparing for the new normal.
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