Deen Dyal, who runs a tea stall on the outskirts of New Delhi, was beaming when ...
MUMBAI/NEW DELHI - Deen Dyal, who runs a tea stall on the outskirts of New Delhi, was beaming when he walked out of a community hall where Punjab National Bank was disbursing loans as part of government efforts to get credit flowing back into the economy.
Reviving a practice not used in three decades, India’s government in September ordered state-run banks to hold more than 400 loan “melas” or fairs across the country over the following month - a measure aimed at boosting economic growth at six-year lows and lending growth at its weakest in three years.
The Finance Ministry said the melas “disbursed” loans worth about 2,500 billion rupees in October, with some private and shadow banks joining 18 state-run lenders. Several bankers told Reuters, however, the figure also included loans that been approved before the fairs. “Not much paper work was done in sanctioning the loans,” said one banker involved in organizing a mela in India’s most populous state, Uttar Pradesh.
“Banks usually lower their guards on the risk profiling of borrowers and we have seen this earlier as well in government related schemes,” said N.R. Bhanumurthy, an economist at India’s National Institute of Public Finance and Policy. More recently, Prime Minister Narendra Modi’s flagship lending scheme for small businesses has seen bad debt surge in the past year, according to online media publication The Wire.
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