-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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'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 »Stories of distress from small borrowers -Sayantan Bera
-Livemint.com * Across India, women borrowers are finding it tough to repay small loans. The next few months will be critical * Unless there is a sharp recovery, MFIs and banks (with micro-loan portfolios) will have to restructure or write off loans though the situation will not be clear until November NEW DELHI: Sarama Koyal does not have a roof over her head. After the Amphan super cyclone ravaged her home in South...
More »Just 1 in 5 Mudra beneficiaries started new business, half of extra jobs were self-employment: Govt survey -Aanchal Magazine
-The Indian Express The Mudra Yojana was launched in April 2015 to provide funding to the non-corporate small business sector through various financial institutions like banks, NBFCs and Micro Finance Institutions (MFIs). The government’s constant refrain has been that its flagship Mudra scheme is an engine for entrepreneurship and employment. A survey by the Labour Ministry, yet to be made public, offers a reality check: just one out of five beneficiaries...
More »NPAs Under Modi's Mudra Scheme Doubled in Just a Year, Reveals RTI -Dheeraj Mishra
-TheWire.in Public sector NPAs of loans issued under the scheme have increased by Rs 9,204.14 crore in just one year – from Rs 7,277.31 crore in March 2018 to Rs 16,481.45 crore in March 2019. New Delhi: The non-performing assets (NPAs) under Prime Minister Narendra Modi’s ambitious Pradhan Mantri Mudra Yojana (PMMY) doubled within one year. This information was obtained through an RTI petition filed by The Wire. In a written reply to...
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