-Newsclick.in Through “nationalised banks-NBFC” deals, the Modi government is trying to achieve what the three farm laws could not achieve. In colonial times, the peasantry had to borrow from private moneylenders. According to Provincial Banking Enquiry Committee reports, these moneylenders in turn borrowed from commercial banks. But while disbursing credit to the peasants and charging exorbitant interest rates, the money lenders at least bore the whole of the lender’s risk. The banks...

-Indira Gandhi Institute of Development Research, Mumbai There have been many successes and failures in economic and social development of India in the last 75 years. The recent covid-19 pandemic had also an adverse impact on growth, employment, health and education etc. In this paper, issues and policies are discussed beyond India@75 for achieving growth, inclusion and development. As India is integrated with the world, global issues are also important for...

-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,...

-ThePrint.in Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term. A report issued by the State Bank of India (SBI) last month estimated that India’s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in...

-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...