Rishabh Goel, CEO, and Co-founder, Credgenics.
“The details of the bad bank and stressed assets cannot be revealed immediately during the budget, it will certainly ease the bad loan burden by taking over those assets and attempting recoveries. We see that the total stress in the banking system would be in excess of Rs 15 lakhs with limited capital and difficult to manage the NPA’s. For the bad banks, the Asset Restructuring and Management Company has been announced to be set up to resolve the mounting bad debt. Further for the resolution of bad debts, the NCLT framework has been proposed for further strengthening. Banks have been granted a little flexibility in setting delinquency measures from the lending perspective, though this is not as much restructuring as we would have expected to see. With more and digitalization in the focus, the litigation be it for longstanding tax disputes or delinquency will continue ‘faceless’ and be done through e-courts and Appellate.”
Anand Agrawal, CTO, and Co-founder, Credgenics.
“Being a fintech and with the rising issue of unemployment, a boost to innovation and entrepreneurship was expected by us. Pertaining to our expectation, a promising feature is the focus on bringing up more startups and innovators by incentivizing One-person Companies, setting up a fintech hub, along with a tax holiday being announced for the startups for this fiscal year. Over 27 Lakh Crores of package has been announced with a vision for Aatmanirbhar Bharat. Though much was awaited, and hopes are still up with the negotiations over the proposed plans coming up, the Budget announced by the Finance Minister shows the resilience of an economy where the government is still increasing the capital expenditure, whereas the reverse is usually expected during crucial times.”