Fresh disbursements revive; stringent LTVs; checks & balances tightened Our channel checks suggest Commercial vehicle (CV) financing business is showing earlier than expected signs of a revival. Given the weak economic outlook (Covid-19 pandemic), pick-up in disbursements and collections in August-September has come as a sigh of relief. Our Channel checks suggest stressed asset book for CV financing segment at 20%. They also expect 250bps incremental increase in credit costs from current levels. We expect clarity over moratorium free asset book to emerge in Q2/Q3FY21 only. As...