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ICICI Securities Report
Unsuccessful auto-debit requests (bounce rate) in terms of on National Automated Clearing House platform have improved to 24.4% – a level similar to September 2019 and marginally better than the pre-Covid-19 average of 24.5-25.0%. This is after staying flat at ~25% for October-November 2021, and against the average 27% for July-September 2021, 30% for April-June 2021 and 27.5% for March 2020/March 2021.
Similarly, unsuccessful auto-debit requests (bounce rate) in terms of volume have improved to 30% better than the pre-Covid average of 30.5-31.5%.
This is a significant month-on-month improvement from 31.2% for Oct-Nov-21 versus Apr-Jun-21 average of 35.5% and 33-34% in Mar-20/Mar-21.
Based on market feedback, a further improvement is likely in Q4 FY22. However, we need to gauge any adverse impact due to the onset of Covid third wave.
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