SBI, ICICI Gains at the Expense of HDFC Bank
SBI and ICICI Bank have made the most out of the HDFC Bank's troubles in the credit card segment.
ICICI Bank recorded a 10% rise in spends in January over December and gained a 1.5% market share in the credit card division. SBI cards have increased their market share by around a percentage point. Axis Bank also saw its card base grow to more than 69 crore users against 68 crores in December.
The RBI had imposed restrictions on HDFC Bank from launching any digital campaign and stopped sourcing new credit cards last year, citing the repeated technical glitches.
HDFC Bank is yet to make headway with the RBI in this matter and the stay is likely to be prolonged further. ICICI Bank and SBI have been able to make the most of this situation and cover maximum ground in absence of a major competitor.
Transporters Again at a Receiving End
The fresh wave of COVID-19 has already started to hurt transporters. The transporters are expected to suffer a 10-15% loss in revenues if activity levels drop in April.
As per the Transport Corporation of India, the revenue loss could be in tune of Rs 17,000-18,000 crore. The fleet operators are already witnessing a drop in load availability and a slowdown in the overall supply chain.
Transports are the biggest victim of night curfews or any other form of lockdown. The drop in fleet utilization levels will create a contingency effect not just for transporters but on other related industries like truck manufacturers and vehicle finance as well. These industries are likely to face a drop in sales and increase the chances of default if the transport activities come to a halt.
J&J to Begin Trial for its Single-Shot Vaccine in India
The U.S. drugs and healthcare giant Johnson & Johnson is likely to begin clinical trials of its single-shot COVID-19 vaccine in India soon.
The company, in a letter to India's Central Drugs Standard Control Organisation (CDSCO), said that it will shortly apply for permission to conduct clinical bridging trials in India.
India's vaccination program will get a much-needed boost once J&J begins the trails. Covidshield, developed by Oxford University and AstraZeneca, and Covaxine, developed by Bharat Biotech, are the only two vaccines currently approved in India. Despite that, the country is grappling with the issue of a vaccine shortage. As they are not able to administer doses at the desired speed.