Clearly, this will place a strain on the economy in the current quarter. The ﬁrst wave of the pandemic has showed in some countries that, even in the absence of tight government restrictions, the economy suffers as people become more cautious on their own account.
In my view, the retail banking in its most basic form is only about servicing the individuals (mostly the masses) for non-entrepreneurial purposes. The retail banking over a period of time can make a transition to class banking and banking for entrepreneurial purposes for the individuals, for agriculture or for small businesses (SMEs).