-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...
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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,...
More »Jaideep Hardikar gives an intimate account of India’s farm crisis -Manu Moudgil
-The Tribune A farmer ends his life every 30 minutes in India. There are some who don’t end up in this pile of statistics and are saved through timely action of family and friends. Ramrao Panchleniwar, a cotton grower in Maharashtra’s Vidarbha region, is one such survivor. He wished to drown his financial worries in two bottles of insecticide in 2014. In this book titled after him, Ramrao’s life and near-death...
More »Economic lessons for India from the Evergrande crisis in China -Vivek Kaul
-Livemint.com Real estate must contribute more to our economy and that calls for sectoral reforms and cheap homes Over the past few weeks, the financial and economic world has been worried about the likely collapse of Evergrande, the world’s most-indebted real estate company. At the same time, the bigger issue of China’s dependence for growth on its real-estate sector remains. In a working paper titled, Peak China Housing, Kenneth S. Rogoff and Yuanchen...
More »IMF’s Issue of Fresh SDRs -Prabhat Patnaik
-Networkideas.org The International Monetary Fund has announced a fresh issue of $650 billion Special Drawing Rights in August which would be distributed among member countries in proportion to their IMF quotas. This amount is less than what had been demanded by many, which was a trillion dollars, but it does represent a small temporary comfort for the heavily indebted third world countries. Almost all of it will go into the pockets of...
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