-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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'Pushing Urban Poor to Take Loans is Wrong, Govt Needs to Give Income Support Instead' -Karan Thapar
-TheWire.in Professor of Economics at the University of Massachusetts at Amherst, Jayati Ghosh, says over the last 16 months of the pandemic the government’s handling of the economic crisis has been cruel and incompetent. One of India’s well-known and highly regarded economists has said the government’s refusal to provide income support to the unemployed and poor and instead asking them to take government guaranteed loans which the Chief Economic Advisor has said...
More »With its economic policy, the government confronts political risks -Roshan Kishore
-Hindustan Times Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of...
More »Chinese loan apps misuse KYC details of Indians to set up fake bank accounts -Mithun MK
-TheNewsMinute.com There have been cases of people saying that their KYC details, which were shared with the Chinese loan apps, were used to open bank and crypto exchange accounts in their names, without consent. Shonali*, a 48-year-old lecturer from West Bengal was laid off from a private university in March 2020. The lecturer, facing financial stress, turned to Chinese-owned instant loan applications that provide microloans without collateral, but at high-interest rates. Shonali...
More »Explained: Balance sheet of a bad bank -Sunny Verma and George Mathew
-The Indian Express As the problem of non-performing assets persists in a sector stressed by the pandemic, the RBI Governor has agreed to look at a proposal for creating a bad bank. What are the arguments for and against the concept? Mumbai, New Delhi: The idea of setting up a bad bank to resolve the growing problem of non-performing assets (NPAs), or loans on which borrowers have defaulted, is back on the...
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