Reforms’ unintended fallout - Business Line

Reforms’ unintended fallout - Business Line

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M G WARRIER
Add to this the following fierce dimensions: (i) Banks, especially the new generation private sector banks are using informal groups as conduits for lending to small borrowers. The ultimate beneficiary in such a situation suffers many of the disadvantages he faced when he was dependent on village money lender. They include high interest rates, shorter duration of loan and pressure to repay even when he is not able to deploy the borrowed money to productive use. The concepts like ‘insurance’, cross-subsidisation etc are fading. (ii) Even directed lending to priority sector is getting diverted to project-funding via routes like Rural Infrastructure Development Fund. (iii) A recent observation by a Reserve Bank executive that lending rates did not come down despite fall in base rates. Banks did reduce deposit rates.
about 17 hours ago

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