To summarise 2019, we can invoke Charles Dickens: “It was the best of times, it was the worst of times.”
Core industries slowed down, but green shoots emerged. Lending slowed down, and banks merged. Startups got funded; startups went bust. GST remained a work in progress, but taxes were slashed. Frauds were unearthed, NBFCs faced an existential crisis, but the worst seems to be over. The year was a challenging roller-coaster ride that brought joy one day and despair the next.
Despite the challenges, one thing’s clear: there’s no slowing down India’s aspirations. Despite lesser credit available to them, young Indians still wanted homes and cars. They still wanted to travel the world aided by premium credit cards. More of them are now tracking their credit scores. And you’re going to read all about that in the second edition of Moneymood®, our annual snapshot of how India borrowed in 2019, along with our commentary on foreseeable trends for 2020.
In 2019, BankBazaar.com saw 322 million visits from people looking to purchase loans and credit cards, and to read our well-researched articles on personal finance. Much of this traffic consisted of small town Indians logging on for the first time, fuelling India’s gigantic leap into the digital age. In 2020, we’ll be right there with them, doing our bit to fulfil their aspirations, paperlessly, with new-age solutions like Video KYC.
Click here to download the yearbook.