I don't know why writers always give interest rate charged as just 20% when in GOI report on Vidharba gave the figure to be as high as 5% per month to even 1.5% per day. World Bank report of 2003 (
Report No. 25797-IN) also state that interest rate charged from farmers and SME is 36% to 120% per
Title: Re: [Assam] Fwd: [WaterWatch] Death by Micro
Credit-3
--and worst part is,
the military personnel were the main targets. Now with the new
law/bill, only millitary personnel will only pay a max of 36%
(a real giveaway rate if you ask me), while the rest of the
poor may as well go to India
C'da
Payday loans, as predatory as they are, also are something that many poor people depend on to deal with sudden needs of cash, or between two paychecks, in emergencies.
That is obvious - the Govt. can't help them so they go to the private sector.
As long as it does not become an ongoing
Title: Fwd: [WaterWatch] Death by Micro
credit
This should be another eye-opener.
cm
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Title: Fwd: [WaterWatch] Death by Micro
Credit-2
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C-da,
Good article but if we draw the moral that
micro-credit is bad becos it is not effectively
implemented and people are dying becos of its faults
--so stop it --then the same logic can work for
stopping road travel and sea travel etc --becos people
do die in traffic and travel accidents.
