-Ideas for India The share of bank credit extended to MSMEs increased dramatically during the pandemic. In this post, Harsh Vardhan discusses the the government guarantee of bank loans as a possible driver of this growth. He outlines the current policy of providing credit against collateral, and the constraints MSMEs face while borrowing– which leads to decreased investment and firm productivity. He argues that the learnings from the credit guarantee scheme...
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Interim Report of the Fact Finding Team Investigating the Stoppage of MGNREGA Wages in West Bengal
-Press release by NREGA Sangharsh Morcha dated 28 July 2022 Based on the findings NREGA Sangharsh Morcha put forth the following demands: 1. All the documents pertaining to correspondence between the Central Government and the State Government on MGNREGA since 2019, including the reports of central team visits and action taken, should be made public. 2. The Labour Budget for West Bengal for the FY 2022-23 has to be approved immediately by the...
More »State Bank of India Writes Off Rs1.45 Lakh Crore Bad Loans of Big Defaulters since FY14; Refuses To Share Names -Yogesh Sapkale
-Moneylife.in State Bank of India (SBI) has again refused to share the names of borrowers who owe Rs100 crore or more, even with its shareholder. Over the past nine years, from FY13-14 up to FY21-22, SBI has written off bad loans of over Rs145,248 crore of big defaulters, while recovering just over 13% from them. SBI told social activist and shareholder Vivek Velankar, "The Bank is under statutory and regulatory obligations to...
More »Delhi HC slams Centre, RBI for inaction on usurious mobile vendors
-The Hindu RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform The Delhi High Court on Tuesday observed that online lending platforms, offering short-term Personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees. “Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action,...
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...
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