SBI Predicts Grim Rise In Household Debts

New Delhi: The COVID-19 pandemic has increased the debt burden of both rural and urban households, according to a report by the State Bank of India (SBI).

“We estimated the 2021 rural and urban household debt to track the impact of COVID-19 on households. In 2021, the rural household debt is expected to increase to Rs 1.16 lakh and urban to Rs 2.33 lakh, indicating that COVID has impacted households significantly,” the report authored by SBI’s Group Chief Economic Adviser Soumya Kanti Ghosh said.

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