Loan sharks target Indian sex workers hit by pandemic 23 February 2021 - 14:27 By Reuters As COVID-19 hit their incomes, hundreds of cash-strapped sex workers in India turned to unofficial moneylenders to get through the pandemic. Stock image. Image: 123RF/terovesalainen
When Indian sex worker Baji fell behind on her repayments to a loan shark during lockdown, her house was ransacked and her only belongings of any value - the kitchen utensils - were stolen. It was another low point in a terrible year.
As COVID-19 hit their incomes, hundreds of cash-strapped sex workers in southern Andhra Pradesh state turned to unofficial moneylenders to get through the pandemic - most of them lacking the papers needed to get formal bank credit, campaigners said.
Considering the diversity of players in microfinance today, it is the need of the hour, and MFIN has been proactively working on this through its code of responsible lending (CRL), , Micro Finance Lenders, nbfc, investment, MFIN
How millions of defaults threaten the future of microfinance in India
How millions of defaults threaten the future of microfinance in India
With India’s economy set to contract the most since 1952, many borrowers most of whom are small traders & daily wage labourers are becoming trapped in never-ending debt cycles. Text Size:
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Mumbai/New Delhi: In February 2020, unaware the coronavirus pandemic was about to wipe out her livelihood, Arpita Das borrowed $2,300 to buy materials and equipment for her family fishing business in West Bengal, India. A few weeks later, demand for her prawns collapsed, leaving her unable to make the $180 monthly repayments to two microlenders.
Millions of Defaults Threaten Microfinance s Future in India
Suvashree Ghosh and Shruti Srivastava, Bloomberg News People at the Lajpat Nagar market in New Delhi. Photographer: Prashanth Vishwanathan/Bloomberg , Bloomberg
(Bloomberg Markets) In February 2020, unaware the coronavirus pandemic was about to wipe out her livelihood, Arpita Das borrowed $2,300 to buy materials and equipment for her family fishing business in West Bengal, India. A few weeks later, demand for her prawns collapsed, leaving her unable to make the $180 monthly repayments to two microlenders.
The 33-year-old mother of two, whoâd never missed a payment since she started borrowing three years earlier, is now living off the vegetables and grains she grows on a plot of land outside the home she shares with her husband and his parents. With the whole family out of work, theyâre unlikely to have any income unless she can borrow $1,400 for this
Feb 4, 2021
In February 2020, unaware the coronavirus pandemic was about to wipe out her livelihood, Arpita Das borrowed $2,300 to buy materials and equipment for her family fishing business in West Bengal, India. A few weeks later, demand for her prawns collapsed, leaving her unable to make the $180 monthly repayments to two microlenders.
The 33-year-old mother of two, who had never missed a payment since she started borrowing three years earlier, is now living off the vegetables and grains she grows on a plot of land outside the home she shares with her husband and his parents. With the whole family out of work, they are unlikely to have any income unless she can borrow $1,400 for this year’s prawn harvest.