-MoneyLife.in While lenders harass individual or small borrowers to the point of even releasing the borrowers’ photos to the press for publishing them, it appears that big corporate defaulters are bestowed with immunity from such humiliation. They are a protected species. In fact, Reserve Bank of India (RBI) even declined to reveal to the Lok Sabha the details of Loans written off of major corporates. In a written reply, Dr Bhagwat Karad,...
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RBI imposes severe restrictions on this bank, imposes Rs 1,000 cap on withdrawals — check details
-PTI/ Financial Express As per the directions, the bank shall not, without the prior approval of the RBI, grant or renew any Loans and advances, make any investment, incur any liability, and disburse or agree to disburse any payment. The Reserve Bank of India (RBI) on Friday imposed several restrictions on Laxmi Cooperative Bank Ltd, Solapur, including a Rs 1,000 cap on withdrawals for customers, due to deterioration in its financial position. The...
More »Varanasi weavers: facing a string of setbacks -Samiksha
-RuralIndiaOnline.org It's been hard days for powerloom weavers in the city's Bazardiha cluster – with lockdowns and monsoon flooding. But it’s the UP government’s review of their electricity subsidy that has them the most worried In the narrow lanes of Bazardiha, amid the clacking sounds of powerlooms, Wasim Akram is busy at work. He has been weaving since the age of 14 in the same two-storey brick-cement house – generations old, as...
More »Stop chasing profits at customers' expense, RBI Deputy Governor tells MFIs
-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...
More »How Suburban, Rural Youth are Being Sucked Into Instant Loan Apps ‘Trap’ -Sashwata Saha
-Newsclick.in Harassment by loan recovery agents hired by these apps has led to at least 21 suicides across India between 2020 and 2021. Meghna Patel took her first loan early in 2020 from an app called FlyCash, whose ads she had been seeing on Facebook. It was a small amount. Just Rs 500. She had to repay Rs 550, two weeks later. The app even had a borrowing limit of Rs 1,000. Recently,...
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