Economic recovery might 'lose steam' due to partial lockdown: HDFC Bank's Aditya Puri

HDFC Bank Chief Executive Officer (CEO) Aditya Puri said the economic recovery seen in May and June might "lose steam" due to partial lockdowns imposed due to a surge in COVID-19 cases.

In July, many states have reimposed restrictions or enforced complete lockdowns in certain cities and districts.

"Rural economy seems to have been relatively isolated from the virus. There was too much pessimism around. In response to high frequency indicators… there was marked improvement in May which sustained in June," Puri said, as quoted by The Indian Express.

The HDFC Bank CEO and Managing Director made the comment at the company's Annual General Meeting (AGM) on July 18.

Also Read: Analysis | HDFC Bank prepares for COVID-19 shock

"The robust rabi crop and satisfactory progress of khariff crop has manifested in healthy income in the hands of the farm sector. However, there could be moderation in demand going forward," Puri added.

HDFC Bank on July 18 reported a standalone profit of Rs 6,658.62 crore for the June quarter, a 19.6 percent year-on-year growth.

Puri, who retires in October, also spoke about the appointment of the lender's next head.

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