Reported by: banking|Updated: June 2, 2017
Whether it is the extreme monsoon or the drought summers, the unpredictable Indian weather takes a toll on so many businesses every year. Rural areas and agriculture are usually the worst hit, but the impact on other businesses is often severe. The lives of more than 60% of the village population are affected due to sudden climatic disruptions,and this in-turn has a domino effect on the nation’s GDP.Banks, who are providing the benefit of priority sector lending, bear the biggest brunt from weather catastrophes. They have to balance judicious lending decisions in keeping with the norms stipulated by the government and Corporate Social Responsibility (CSR) practices. Often such decisions create large Non-performing assets (NPA) which is another hindrance faced by financial organizations these days. Crop insurance, a key offering in the insurance portfolio, is also strongly dependent on weather. As weather gets progressively embedded with economic growth, so will your organization’s performance and the performance of the Banking, Financial Services & Insurance (BFSI) sector.
The BFSI sector hither to has been working on conventional data and rudimentary weather reports – these will be insufficient for the challenges ahead. The need of the hour is refined Historic Weather Data, highly accurate 15-day forecast and reliable Seasonal Forecasts.