Emotional Marketing and Corporate Social Responsibility: Matching the Unmatchable? - Business Guardian
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Policy&Politics

Emotional Marketing and Corporate Social Responsibility: Matching the Unmatchable?

This paper combs the relationship between emotional marketing, CSR, and consumers from the following aspects. First, it focuses on the impact of CSR as an essential means of emotional marketing on consumers’ psychology, emotion, identity, value judgment, and decisionmaking, that is, combing the impact relationship between CSR and emotional marketing from the perspective of perception and response.

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 n the digital era, big data can strengthen the awareness of corporate social responsibility (CSR) and make CSR more transparent to consumers. While huge information keeps on extending the business change of undertakings, it is also a process of constantly understanding consumption and public expectations. In this cycle, the mental design of ventures is continually changed, presently not just seeking after execution yet continually understanding the assumptions for clients and society to keep up with execution. Through broad communications, corporate media, and different stages, CSR is more straightforward to influence consumers’ feelings. By reviewing the theory of emotional marketing and related research, this paper focuses on the different emotional ties between CSR and consumers and their different effects on consumers. This paper further emphasizes the profound significance of emotional marketing theory for understanding CSR in the era of big data.

In addition, this paper also calls for more research based on big data technology, broken down by consumer needs – more specific attention to the different impacts of CSR on different consumers. In the time of portable Web and web media, each move of a venture, as long as it disregards public social request, will be enhanced by netizens and may explode the organization immediately. Subsequently, right now, crisis management ought to be “ex bet administration,” so irregular negative data can be seen in time: let the potential crisis in the beginning phase get an early admonition; let the pattern of popular assessment get knowledge; and make the reaction of endeavors more logical and precise. In addition to fully mastering public opinion big data and establishing analysis models, enterprises must also have a sound sense of social responsibility.

While seeking after economic interests and development, endeavors shouldn’t just acquire knowledge into clients through large information yet additionally focus on the emotional requirements of consumers and the standard worth of the general population. For general enterprises, big data can strengthen the awareness of CSR. The ceaseless developing of business change through enormous information is additionally the course of continually grasping utilization and public expectations. In this cycle, the mental construction of undertakings is continually changed, not exclusively to seek after execution yet additionally to continually understand the expectations for clients and society to keep up with execution. Ventures with a high feeling of social responsibility will actually want to draw in consumers and win market share for quite a while. CSR is as of now not a corona joined to business interests or a detached reaction to outer expectations however the center part of corporate seriousness and the drawn outobjective of dynamic pursuit.

There are difficulties in in operating a strategic planning process that is arranged in an unsure, unstable, and dynamic business climate. It requires a coordinated association between the interorganizational actors and other stakeholders. Social media is the integrator of assets and CSR assists with building connections, going about as a reinforcer of trust. López-Fernández and Silva (2021) dissected the huge information recovered from Twitter connected with five firms that have begun to be socially mindful yet presently can’t seem to get partners’ authenticity conceded by the commitment to corporate social responsibility. The article adds to the comprehension and impacts of firm elements in corporate social responsibility or scarcity in that department, on social systems administration destinations through huge information examination. Information about CSR practices and partners’ viewpoints can be gotten utilizing enormous information to dissect CSR data about the organizations on internet based social organizations.

These findings have benefits for the stakeholders, who will be able to know the CSR practices of a firm in a more objective way, and for the firm, which will be able to improve its CSR performance and communication strategy, as well as the stakeholder engagement. Organizations progressively perceive the significance of conveying CSR incorporating their commitment with workers, the local area, the climate, and other partner gatherings to draw in candidates. Emotional marketing is a marketing strategy that properly prepares the general human emotions in the process of marketing activities in order to upgrade the brand and items to have more reverberation with consumers.

All marketing exercises that can draw in, use and animate consumers’ positive feelings have a place with emotional marketing. The idea of socially dependable marketing is some of the time seen as an augmentation of CSR. Perceiving that CSR exercises will influence different partners, including partners, CSR is advanced as a plan of action to assist the organization with directing self-guideline. As of now, large information innovation not just advances the scale and fame of undertakings yet in addition makes the picture of CSR more straightforward. Consequently, CSR has drawn in increasingly more consideration from consumers. It appears to be that CSR doesn’t straightforwardly influence the “cost” and “item” worried by consumers, however brain science and conduct make sense of this peculiarity through emotional marketing hypothesis. Emotional marketing points out that feelings build a bridge between CSR and consumers.

This paper will first trace back to the interpretation of emotional marketing theory on CSR and consumer relationships in the following part. As per the hypothesis of emotional marketing, CSR is a piece of emotional marketing. CSR interfaces with consumers through their particular feelings. In light of “emotions,” this paper partitions the current decentralized CSR – emotional marketing hypothesis into appreciation and personality and further talks about the particular connection between social responsibility and emotional marketing. This paper combs the relationship between emotional marketing, CSR, and consumers from the following aspects. First, it focuses on the impact of CSR as an essential means of emotional marketing on consumers’ psychology, emotion, identity, value judgment, and decision-making, that is, combing the impact relationship between CSR and emotional marketing from the perspective of perception and response.

CORPORATE SOCIAL RESPONSIBILITY AND EMOTIONAL MARKETING – PERCEPTION AND RESPONSE: The significance of emotional marketing for CSR is to connect “CSR” and “consumers,” and make “CSR” a factor of marketing. Emotional marketing studies how to stimulate people’s emotions and urge them to buy specific products/services. Further, emotion is a psychological and physiological state related to a variety of feelings, thoughts, and internal (physical) or external (social) behaviors. Human emotion and cognition are closely linked. In this way, emotion is significant in social behavior. It can stimulate cognitive processes and formulate strategies. Recent research shows that purchase choices and decisions as social actions result from careful analysis of rationality and emotion. Besides, the psychological literature recognizes that emotional status affects every decision-making stage in the purchase process, so emotion plays a crucial role in any social or business decision-making. Customers’ purchase decisions are driven by two needs: the functional needs satisfied byproduct functions and the emotional needs related to the psychological aspects of product ownership. Especially in a saturated market, consumer desire is more important than the traditional factors that determine the marketing results, such as demand and supply. In this case, mentality, emotion, and compassion dominate.In addition to quality and price, consumers also need trust, love, and dreams (intangible factors).

Therefore, with the emergence of the principle of consumer pleasure, emotion becomes more and more critical. Therefore, these products should have the functions that consumers need and release the feelings that consumers need. Some brands’ emotional marketing strategies apply this strategy: consumer-centered, relational, and storytelling, to establish a deep and lasting emotional bond between consumers and brands. Therefore, when consumers are emotional about CSR behavior, emotional marketing connects “CSR” and “consumers.” Corporate social responsibility is indispensable for emotional marketing. CSR can provide consumers with three forms of value: emotional value, social value, and functional value, and each of them will enhance or reduce the overall value proposition of consumers. Wisker et al. (2019) analyzed Airbnb, a big data e-commerce platform, and showed that the owner’s CSR information affects the purchase intention. Consumers prefer socially responsible owners. The reason is that companies practicing CSR can improve their reputation so as to attract and retain customers in the long term to improve the company’s performance. On the one hand, CSR can be used as an effective emotional marketing tool to compete and maintain a competitive advantage in the current rapidly changing and highly competitive environment.

Positive moral emotions and attitudes play an intermediary role in influencing CSR behavior on brand advocacy behavior. In this case, a solid corporate image brings emotional and functional benefits because it helps customers become more attached to the company, thus creating a sense of attachment and emotional bonds. Example. If a university ranks high in the university ranking, its stakeholders will identify it as a leading institution in the field. Students or parents who think the university is good through the university ranking will have a more positive feeling about the institution, such as learning one of the projects more confidently and actively. Similarly, 2019 coronavirus disease research to solve the problems of their local communities, provide financial assistance to students during the COVID-19 epidemic, or work with volunteer programs, which can create emotional connections with their stakeholders. Therefore, in the context of higher education, when stakeholders believe that higher education has a strong corporate image, they will have an emotional attachment to the institution. On the other hand, CSR is a new and growing financial risk factor. If the company is mismanaged, its reputation may be seriously damaged and may directly negatively impact its business and bottom line. A large number of studies have empirically proved that CSR initiatives enhance consumers’ evaluation and recognition of the company. In turn, these mediating factors will affect consumers’ behavior, resulting in positive relationship results, such as loyalty, positive word-of-mouth, and attachment. WAYS • The sustainable survival of the enterprise needs the support of all stakeholders. The enterprise should seek their support and obtain recognition by adjusting its own behavior.

In this process, enterprises will respond to the requirements put forward by various pressure groups and stakeholders and take actions to solve some social problems, that is, social responsibility. It is noteworthy that the corresponding relationship between the contribution of enterprises to social welfare and personal moral values will arouse people’s gratitude to these enterprises. • CSR will gain a positive reputation from consumers and enhance consumers’ expectations of participating in some advocacy behaviors. In the relationship between consumers and enterprises, strengthening enterprises’ efforts to improve consumer welfare, such as charity activities to produce gratitude, leads to the enhancement of consumers’ commitment to enterprises in the form of reciprocal behavior based on gratitude. • CSR seems to be an almost perfect tool; If done well, it can form a strong and lasting identity-based bond between important stakeholders in all walks of life and the company. More importantly, through internal communication and involving employees in CSR activities, managers will successfully promote the consistency between the corporate identity perceived by external stakeholders (i.e., corporate reputation) and internal stakeholders. CONCLUSION Taken together, a little writing survey permits us to grasp the compelling connection between CSR, emotional marketing, and consumer psychology from another crossing point. Before, CSR and marketing were two separate components, and most CSR was seldom seen straight by consumers. Be that as it may, presently, an ever increasing number of organizations are stepping up to the plate and satisfy CSR while likewise involving it as a successful method for emotional marketing. CSR is a significant piece of emotional marketing hypothesis and consumer brain science can more readily associate the two. With the improvement of large information stages, CSR will be more significant. From one viewpoint, large information has expanded CSR openness among consumers. Monstrous information describe large information. These days, numerous media gather information through large information. CSR is no exemption – when the media shows different CSR of endeavors before consumers through large information, ventures need to think about their social picture. Then again, it additionally assists endeavors with gathering consumers’ criticism on CSR. On the other hand, it also helps enterprises collect consumers’ feedback on CSR. With big data, enterprises can collect more consumers’ feedback on enterprise CSR and more accurately match different consumers’ feedback on CSR more conveniently. Individuals might see the value in CSR, yet at the same the particular “which consumer” will appreciate “which CSR” should be additionally considered.

 

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Policy&Politics

Govt extends date for submission of R&D proposals

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The Government has extended the deadline for submission of proposals related to R&D scheme under the National Green Hydrogen Mission. The R&D scheme seeks to make the production, storage, transportation and utilisation of green hydrogen more affordable. It also aims to improve the efficiency, safety and reliability of the relevant processes and technologies involved in the green hydrogen value chain. Subsequent to the issue of the guidelines, the Ministry of New & Renewable Energy issued a call for proposals on 16 March, 2024.

While the Call for Proposals is receiving encouraging response, some stakeholders have requested more time for submission of R&D proposals. In view of such requests and to allow sufficient time to the institutions for submitting good-quality proposals, the Ministry has extended the deadline for submission of proposals to 27th April, 2024.

The scheme also aims to foster partnerships among industry, academia and government in order to establish an innovation ecosystem for green hydrogen technologies. The scheme will also help the scaling up and commercialisation of green hydrogen technologies by providing the necessary policy and regulatory support.

The R&D scheme will be implemented with a total budgetary outlay of Rs 400 crore till the financial year 2025-26. The support under the R&D programme includes all components of the green hydrogen value chain, namely, production, storage, compression, transportation, and utilisation.

The R&D projects supported under the mission will be goal-oriented, time bound, and suitable to be scaled up. In addition to industrial and institutional research, innovative MSMEs and start-ups working on indigenous technology development will also be encouraged under the Scheme.

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Policy&Politics

India, Brazil, South Africa to press for labour & social issues, sustainability

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The Indian delegation also comprises Rupesh Kumar Thakur, Joint Secretary, and Rakesh Gaur, Deputy Director from the Ministry of Labour & Employment.

India, on Thursday, joined the G20’s two-day 2nd Employment Working Group (EWG) meeting under the Brazilian Presidency which is all set to address labour, employment and social issues for strong, sustainable, balanced and job-rich growth for all. India is co-chairing the 2nd EWG meeting, along with Brazil and South Africa, and is represented by Sumita Dawra, Secretary, Labour & Employment.

The Indian delegation also comprises Rupesh Kumar Thakur, Joint Secretary, and Rakesh Gaur, Deputy Director from the Ministry of Labour & Employment. India has pointed out that the priority areas of the 2nd EWG at Brasilia align with the priority areas and outcomes of previous G20 presidencies including Indian presidency, and commended the continuity in the multi-year agenda to create lasting positive change in the world of work. This not only sustains but also elevates the work initiated by the EWG during the Indian Presidency.

The focus areas for the 2nd EWG meeting are — creating quality employment and promoting decent labour, addressing a just transition amidst digital and energy transformations, leveraging technologies to enhance the quality of life for al and the emphasis on gender equity and promoting diversity in the world of employment for inclusivity, driving innovation and growth. On the first day of the meeting, deliberations were held on the over-arching theme of promotion of gender equality and promoting diversity in the workplace.

The Indian delegation emphasized the need for creating inclusive environments by ensuring equal representation and empowerment for all, irrespective of race, gender, ethnicity, or socio-economic background. To increase female labour force participation, India has enacted occupational safety health and working conditions code, 2020 which entitles women to be employed in all establishments for all types of work with their consent at night time. This provision has already been implemented in underground mines.

In 2017, the Government amended the Maternity Benefit Act of 1961, which increased the ‘maternity leave with pay protection’ from 12 weeks to 26 weeks for all women working in establishments employing 10 or more workers. This is expected to reduce the motherhood pay gap among the working mothers. To aid migrant workers, India’s innovative policy ‘One Nation, One Ration Card’ allows migrants to access their entitled food grains from anywhere in the Public Distribution System network in the country.

A landmark step in fostering inclusion in the workforce is the e-Shram portal, launched to create a national database of unorganized workers, especially migrant and construction workers. This initiative, providing the e-Shram card, enables access to benefits under various social security schemes.

The portal allows an unorganized worker to register himself or herself on the portal on self-declaration basis, under 400 occupations in 30 broad occupation sectors. More than 290 million unorganized workers have been registered on this portal so far.

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Policy&Politics

India to spend USD 3.7 billion to fence Myanmar border

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India plans to spend nearly $3.7 billion to fence its 1,610-km (1,000-mile) porous border with Myanmar within about a decade, said a source with direct knowledge of the matter, to prevent smuggling and other illegal activities. New Delhi said earlier this year it would fence the border and end a decades-old visa-free movement policy with coup-hit Myanmar for border citizens for reasons of national security and to maintain the demographic structure of its northeastern region.

A government committee earlier this month approved the cost for the fencing, which needs to be approved by Prime Minister Narendra Modi’s cabinet, said the source who declined to be named as they were not authorised to talk to the media. The prime minister’s office and the ministries of home, finance, foreign affairs and information and broadcasting did not immediately respond to an email seeking comment.

Myanmar has so far not commented on India’s fencing plans. Since a military coup in Myanmar in 2021, thousands of civilians and hundreds of troops have fled from there to Indian states where people on both sides share ethnic and familial ties. This has worried New Delhi because of risk of communal tensions spreading to India. Some members of the Indian government have also blamed the porous border for abetting the tense situation in the restive north-eastern Indian state of Manipur, abutting Myanmar.

For nearly a year, Manipur has been engulfed by a civil war-like situation between two ethnic groups, one of which shares lineage with Myanmar’s Chin tribe. The committee of senior Indian officials also agreed to build parallel roads along the fence and 1,700 km (1,050 miles) of feeder roads connecting military bases to the border, the source said.

The fence and the adjoining road will cost nearly 125 million rupees per km, more than double that of the 55 million per km cost for the border fence with Bangladesh built in 2020, the source said, because of the difficult hilly terrain and the use of technology to prevent intrusion and corrosion.

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Policy&Politics

ONLY 2-3% RECOVERED FROM $2-3 TN ANNUAL ILLEGAL TRADE THROUGH BANKING: INTERPOL

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However, Stock highlighted the enormity of the challenge, noting that between 40% and 70% of criminal profits are reinvested, perpetuating the cycle of illicit financial activity.

In a press briefing held on Wednesday, Interpol Secretary General Jurgen Stock unveiled alarming statistics regarding the extent of undetected money laundering and illegal trade transactions plaguing the global banking network. Stock revealed that over 96% of the money transacted through this network remains undetected, with only 2-3% of the estimated USD 2-3 trillion from illegal trade being tracked and returned to victims.

Interpol, working in conjunction with law enforcement agencies and private financial sectors across its 196 member countries, is committed to combating the rising tide of fraud perpetrated by illicit traders. These criminal activities encompass a wide spectrum, including drug trafficking, human trafficking, arms dealing, and the illicit movement of financial assets.

Stock emphasized the urgent need to establish mechanisms for monitoring transactions within the global banking network. Currently, efforts are underway to engage banking associations worldwide in setting up such a framework. However, Stock highlighted the enormity of the challenge, noting that between 40% and 70% of criminal profits are reinvested, perpetuating the cycle of illicit financial activity. The lack of real-time information sharing poses a significant obstacle to law enforcement agencies in their efforts to combat money laundering and illegal trade.

Stock underscored the role of Artificial Intelligence (AI) in exacerbating this problem, citing its use in voice cloning and other fraudulent activities. Criminal organizations are leveraging AI technologies to expand their operations and evade detection on a global scale. Stock emphasized the importance of enhanced cooperation between law enforcement agencies and private sector banking groups. Realtime information sharing is crucial in the fight against illegal wealth accumulation.

Drawing inspiration from initiatives such as the “Singapore Anti-Scam Centre,” Stock called for the adoption of similar models in other countries to strengthen the collective response to financial crimes. In conclusion, Stock’s revelations underscore the pressing need for concerted action to combat global financial crimes. Enhanced cooperation between public and private sectors, coupled with innovative strategies for monitoring and combating illicit transactions, is essential to safeguarding the integrity of the global financial system.

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Policy&Politics

FM defends Atal Pension Scheme, highlights guaranteed returns

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Finance Minister Nirmala Sitharaman defended the Atal Pension Yojana (APY) against Congress criticism, asserting its design based on choice architecture and a guaranteed minimum 8% return. She emphasized the scheme’s opt-out feature, facilitating automatic premium continuation unless subscribers choose otherwise, promoting retirement savings. Sitharaman countered Congress allegations of coercion, stating the APY’s guaranteed returns irrespective of market conditions, supplemented by government subsidies.

Responding to Congress’s claim of scheme misuse, Sitharaman highlighted its intended beneficiaries – the lower-income groups. She criticized Congress for its alleged elitist mindset and emphasized the scheme’s success in targeting the needy. Sitharaman accused Congress of exploiting vote bank politics and coercive tactics, contrasting it with the APY’s transparent framework. The exchange underscores the political debate surrounding social welfare schemes, with the government defending its approach while opposition parties raise concerns about implementation and efficacy.

Finance Minister Nirmala Sitharaman’s robust defense of the Atal Pension Yojana (APY) against Congress criticism highlights the ongoing debate over social welfare schemes in India. Sitharaman’s assertion of the APY’s design principles, including its opt-out feature and guaranteed minimum return, underscores the government’s commitment to promoting retirement savings among lower-income groups. The Atal Pension Yojana, named after former Prime Minister Atal Bihari Vajpayee, was launched in 2015 to provide pension benefits to workers in the unorganized sector. It aims to address the significant gap in pension coverage among India’s workforce, particularly those employed in informal and low-income sectors. The scheme offers subscribers fixed pension amounts ranging from Rs. 1,000 to Rs. 5,000 per month, depending on their contribution and age at entry, after attaining the age of 60. Sitharaman’s response comes after Congress criticism alleging the APY’s inefficacy and coercive tactics in enrolment.

Congress General Secretary Jairam Ramesh described the scheme as poorly designed, citing instances of subscribers dropping out due to unauthorized account openings. However, Sitharaman refuted these claims, emphasizing the APY’s transparent and beneficiary-oriented approach. The finance minister’s defense focuses on three key aspects of the APY: Choice Architecture: Sitharaman highlights the opt-out feature of the APY, which automatically continues premium payments unless subscribers choose to discontinue.

This design element aims to encourage long-term participation and ensure consistent retirement savings among subscribers. By simplifying the decision-making process, the scheme seeks to overcome inertia and promote financial discipline among participants. Guaranteed Minimum Return: Sitharaman underscores the APY’s guarantee of a minimum 8% return, irrespective of prevailing interest rates. This assurance provides subscribers with confidence in the scheme’s financial viability and incentivizes long-term savings.

The government’s commitment to subsidizing any shortfall in actual returns further strengthens the attractiveness of the APY as a retirement planning tool. Targeting the Needy: Sitharaman defends the predominance of pension accounts in lower income slabs, arguing that it reflects the scheme’s successful targeting of its intended beneficiaries – the poor and lower-middle class. She criticizes Congress for its alleged elitist mindset and suggests that the party’s opposition to welfare schemes like the APY stems from a disconnect with the needs of marginalized communities. Sitharaman’s rebuttal also addresses broader political narratives surrounding social welfare policies in India.

She accuses Congress of exploiting vote bank politics and coercive tactics, contrasting it with the transparent and inclusive framework of the APY. The exchange underscores the ideological differences between the ruling Bharatiya Janata Party (BJP) and the opposition Congress, with each side advocating for their vision of social welfare and economic development. In addition to defending the APY, Sitharaman’s remarks shed light on the broader challenges and opportunities facing India’s pension sector.

Despite significant progress in expanding pension coverage through schemes like the APY, the country still grapples with issues such as financial literacy, informal employment, and pension portability. Addressing these challenges requires a multifaceted approach involving government intervention, private sector participation, and civil society engagement.

As India strives to achieve its vision of inclusive and sustainable development, initiatives like the APY play a crucial role in promoting economic security and social equity. Sitharaman’s defense of the scheme underscores the government’s commitment to addressing the needs of vulnerable populations and ensuring their financial well-being in the long run.

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Economic

Regulatory steps will make financial sector strong, but raise cost of capital

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India’s financial system regulator, the Reserve Bank of India (RBI), is demonstrating a serious commitment to improving governance and transparency at finance companies and banks, with the RBI’s recent measures aimed at curtailing lenders’ overexuberance, enhancing compliance culture and safeguarding customers.

While the global ratings firm has appreciated the RBI’s “diminishing tolerance for non-compliance, customer complaints, data privacy, governance, know-your-customer (KYC), and anti-money laundering issues”, it has cautioned that increased regulatory risk could impede growth and raise the cost of capital for financial institutions. “Governance and transparency are key weaknesses for the Indian financial sector and weigh on our analysis. The RBI’s new measures are creating a more robust and transparent financial system,” says S&P Global Credit Analyst, Geeta Chugh. “India’s regulator has underscored its commitment to strengthening the financial sector. The drawback will be higher capital costs for institutions,” Chugh cautions.

The RBI measures include restraining IIFL Finance and JM Financial Products from disbursing gold loan and loans against shares respectively and asking Paytm Payments Bank (PPBL) to stop onboarding of new customers. Earlier in December 2020, the RBI suspended HDFC Bank from sourcing new credit card customers after repeated technological outages. These actions are a departure from the historically nominal financial penalties imposed for breaches, S&P Global notes.

Besides, as the global agency points out, the RBI has decided to publicly disclose the key issues that lead to suspensions or other strict actions against concerned entities and become more vocal in calling out conduct that it deems detrimental to the interests of customers and investors. “We believe that increased transparency will create additional pressure on the entire financial sector to enhance compliance and governance practices,” adds Chugh. The global agency has also lauded the RBI’s recent actions demonstrating scant tolerance for any potential window-dressing of accounts.

These actions include the provisioning requirement on alternative investment funds that lend to the same borrower as the bank finance company. Amidst the possibility of some retail loans, such as personal loans, loans against property, and gold loans getting diverted to invest in stock markets and difficulty of ascertaining the end-use of money in these products, S&P Global underlines the faith of market participants that the RBI and market regulator, the Securities and Exchange Board of India, want to protect small investors by scrutinizing these activities more cautiously.

On the flip side, at a time of tight liquidity, the RBI’s new measures are likely to limit credit growth in fiscal 2025 (year ending March 2025). “We expect loan growth to decline to 14 per cent in fiscal 2025 from 16 per cent in fiscal 2024, reflecting the cumulative impact of all these actions,” says Chugh. The other side of the story is that stricter rules may disrupt affected entities and increase caution among fintechs and other regulated entities and the RBI’s decision to raise risk weights on unsecured personal loans and credit cards may constrain growth. Household debt to GDP in India (excluding agriculture and small and midsize enterprises) increased to an estimated 24 per cent in March 2024 from 19 per cent in March 2019. Growth in unsecured loans has also been excessive and now forms close to 10 per cent of total banking sector loans.

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