Impacts Of Covid -19 On Banking & Finance

The global pandemic of Covid-19 has left adverse and immense effects on the global economy which are complex to overcome but it is showing its tremendous impacts on the banking and finance sector. From maintaining cash and liquidity to normalizing financial operations, the global banks and FIs are in extreme need of navigating complex government aid measures to pace up with the existing crisis. Though banking services can be provided remotely and do not involve any direct customer contact, the link of the banking sector with the real sector in providing payments, savings, credit, and risk management services increases the negative effects of Covid-19 emergency to banks and other financial institutions. Additionally, the banking sector also has a contributory role in supporting firms and households of lower revenues and incomes which has given rise to essential policy measures by financial experts and governments.