Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Stop chasing profits at customers' expense, RBI Deputy Governor tells MFIs    </title>
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The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.

Micro-finance lenders must refrain from chasing profits and introspect..."/>
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     <meta property="og:description" content="-The Hindu

The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.

Micro-finance lenders must refrain from chasing profits and introspect..." />
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.</em></p><p style="text-align:justify">Micro-finance lenders must refrain from chasing profits and introspect on the &lsquo;negative consequences&rsquo; of pushing their borrowers into a debt trap, using harsh recovery practices and harassing customers as this could undo the sector&rsquo;s progress, a top central banker said on Wednesday.</p><p style="text-align:justify">Arguing that there is no longer a level-playing field in the sector as specialised micro-finance institutions (MFIs) governed by the central bank&rsquo;s regulatory framework now account for just 30% of gross loans, Reserve Bank of India Deputy Governor M Rajeshwar Rao said this is posing &lsquo;difficulties for customers&rsquo; and divergence in practices.</p><p style="text-align:justify">Addressing the national conference of MFIs&rsquo; self-regulatory organisation Sa-Dhan, Mr. Rao also stressed that lenders partnering with fintech firms to deliver services and on-board customers must ensure that customer protection needs are not compromised in the process.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece" title="https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece">click here</a> to read more.</p>                                                           
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The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.

Micro-finance lenders must refrain from chasing profits and introspect..."/>
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The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.

Micro-finance lenders must refrain from chasing profits and introspect..." />
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.</em></p><p style="text-align:justify">Micro-finance lenders must refrain from chasing profits and introspect on the &lsquo;negative consequences&rsquo; of pushing their borrowers into a debt trap, using harsh recovery practices and harassing customers as this could undo the sector&rsquo;s progress, a top central banker said on Wednesday.</p><p style="text-align:justify">Arguing that there is no longer a level-playing field in the sector as specialised micro-finance institutions (MFIs) governed by the central bank&rsquo;s regulatory framework now account for just 30% of gross loans, Reserve Bank of India Deputy Governor M Rajeshwar Rao said this is posing &lsquo;difficulties for customers&rsquo; and divergence in practices.</p><p style="text-align:justify">Addressing the national conference of MFIs&rsquo; self-regulatory organisation Sa-Dhan, Mr. Rao also stressed that lenders partnering with fintech firms to deliver services and on-board customers must ensure that customer protection needs are not compromised in the process.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece" title="https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece">click here</a> to read more.</p>                                                           
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The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.

Micro-finance lenders must refrain from chasing profits and introspect..."/>
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The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.

Micro-finance lenders must refrain from chasing profits and introspect..." />
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and &lsquo;are often too desperate to turn away any source of credit&rsquo;.</em></p><p style="text-align:justify">Micro-finance lenders must refrain from chasing profits and introspect on the &lsquo;negative consequences&rsquo; of pushing their borrowers into a debt trap, using harsh recovery practices and harassing customers as this could undo the sector&rsquo;s progress, a top central banker said on Wednesday.</p><p style="text-align:justify">Arguing that there is no longer a level-playing field in the sector as specialised micro-finance institutions (MFIs) governed by the central bank&rsquo;s regulatory framework now account for just 30% of gross loans, Reserve Bank of India Deputy Governor M Rajeshwar Rao said this is posing &lsquo;difficulties for customers&rsquo; and divergence in practices.</p><p style="text-align:justify">Addressing the national conference of MFIs&rsquo; self-regulatory organisation Sa-Dhan, Mr. Rao also stressed that lenders partnering with fintech firms to deliver services and on-board customers must ensure that customer protection needs are not compromised in the process.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece" title="https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece">click here</a> to read more.</p>                                                           
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Stop chasing profits at customers' expense, RBI Deputy Governor tells MFIs

Published on Oct 27, 2021   Modified on Nov 2, 2021

-The Hindu The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and ‘are often too desperate to turn away any source of credit’. Micro-finance lenders must refrain from chasing profits and introspect on the ‘negative consequences’ of pushing their borrowers into a debt trap, using harsh recovery practices and harassing customers as this could undo the sector’s progress, a top central banker said on Wednesday. Arguing that there is no longer a level-playing field in the sector as specialised micro-finance institutions (MFIs) governed by the central bank’s regulatory framework now account for just 30% of gross loans, Reserve Bank of India Deputy Governor M Rajeshwar Rao said this is posing ‘difficulties for customers’ and divergence in practices. Addressing the national conference of MFIs’ self-regulatory organisation Sa-Dhan, Mr. Rao also stressed that lenders partnering with fintech firms to deliver services and on-board customers must ensure that customer protection needs are not compromised in the process. Please click here to read more.

The Hindu, 27 October, 2021, https://www.thehindu.com/business/Industry/stop-chasing-profits-at-customers-expense-rbi-deputy-governor-tells-mfis/article37185757.ece

Tagged with: Micro-finance lenders Micro-finance institutions MFIs Loan sharks Indebtedness Debt burden grievance redressal system micro finance

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