Micro Finance Cos Charge 26% Interest Rates!
MFIs charge as much as 36% interest from the rural poor and MM Singh is talking about "inclusive growth".
An extract from the link:-
"While the banks charge interest rates in the range of 9-14 per cent on loans given to MFIs, some MFIs in turn charge as much as 36 per cent from their clients."
This is simply shocking!!!
They also use strong arm methods to recover money.
MFI moves court,against AP Government's Ordnance,but the Court does not allow "stay" Ordnance.
The UPA Government does NOT want to regulate the MFIs.
Commercialization of MFIs in India.