This is not a financial crisis. This issue is related to coronavirus pandemic. The first priority is to get over it. This is the most basic thing which the Prime Minister too has highlighted. The lockdown measures in place are right steps to deal with it. In fact, if there is a need, these measures should be enhanced, so that there are no new cases. These are the points that HDFC Bank, MD, Aditya Puri made today during an interaction with Zee Business Managing Editor Anil Singhvi. 

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Everything cannot be left to the government and people will have to take care of their own health, with social Distancing being sacrosanct, he added.

See Detailed interaction with Anil Singhvi

We should remember that crises were there before this and there will be more in future, he said. He also indicated what may be in store going forward and said that cash flow could be a problem for many people if the situation persists for some more time. 

He felt that the government will have to ease the Non-performing Asset policy (NPA) and give some aid to the banks. 

The RBI will also have to look at interest rates in its Monetary Policy and should cut it. 

The liquidity has to be maintained. 

What can government do?

The coronavirus issue needs  to be tackled efficiently and for this whatever measures need to be taken should be taken - whether it is direct benefit transfer, buying of additional ventilators or giving stimulus. The government should be magnanimous in  its approach and do everything in its command. It should not be looking at fiscal deficits, he averred. 

"Government should be prompt in helping banks, daily wagers and others. The RBI will have to give concessions to the people who have taken loan as far as repayment is concerned as their money may be stuck. They are not defaulters," he said.

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He concluded that on its part, HDFC Bank is ready to help its customers.