The lockdown has also had an impact on retail shopping. SBI Cards & other payment services mentioned in their report, retail shopping declined by 60% during the lockdown 2.0 as compared to the initial 15 days of March. Average daily retail spending has decreased by 31% in the last 15 days of the previous month.
Corporate card purchases have also decreased by 60% in lockdown 2.0. Experts say the Covid-19 epidemic will also have an impact on the growth of the credit card industry and the quality of assets. Bank of America had said that SBI Card customers spent an average of Rs 10,825 per month in the first 10 months of 2019-20, which is below the industry average of monthly expense of Rs 11,031. SBI cards accounted for 18% of the credit card expenses and HDFC accounted for 29% during this period.
More than 6.5 lakh employees have withdrawn 2,700 crore from their provident fund (EPF) to meet financial requirements in the lockdown. On an average, 30-35 thousand people withdraw from EPF every working day in April. This number will reach 10 lakhs in the next 10 days.
More than 10 lakh IT workers will work from home. Senapati (Chris) Gopalakrishnan, former president of the Confederation of Indian Industry (CII), said IT sector workers are ready for work from home (working from home). More than 10 lakh IT personnel can work from home even after the lockdown ends. It will become a continuously running part of the business in times to come.