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1. Introduction
Covid-19 related stress severely impacted all aspects of the
Indian economy including the nascent insolvency regime under the
Insolvency and Bankruptcy Code, 2016
(
Code ). The financial stability report
(
FSR ) of December 2020 released by the
Reserve Bank of India (
RBI ) predicts a
sharp rise in the gross non-performing assets of banks by September
2021
1. The FSR predicts uncertainty in the economic
recovery path although it assures that the worst is behind.
Needless to say, economic recovery is impossible without resolution
of bad debts and especially Covid-19 defaults. Consequently, the
report of sub-committee of Insolvency Law Committee on the
pre-packaged insolvency resolution process (
Jan 27 2021, 8:14 AM
January 27 2021, 8:14 AM
January 27 2021, 8:14 AM
The spectre is stark. Yes, the Indian economy, high-frequency indicators suggest, is pulling out of contraction. For sure, Goods and Services Tax collections show an uptick but the demand outlook is uncertain for many contributing sectors. Closures rendered over 30 million jobless and unemployment as per CMIE data was over 9% though has since moderated. A large part of the face-to-face economy, which hosts micro-enterprises and wage .
The spectre is stark. Yes, the Indian economy, high-frequency indicators suggest, is pulling out of contraction. For sure, Goods and Services Tax collections show an uptick but the demand outlook is uncertain for many contributing sectors. Closures rendered over 30 million jobless and unemployment as per CMIE data was over 9% though has since moderated. A large part of the face-to-face economy, which hosts micro-enterprises and wage earners, is stranded between induced coma and v
The Menace of Usurious Lenders Operating through Chinese Loan Apps
Moneylife Digital Team
5
After the sterling groundwork of Telangana police, officials from across India are arresting app-based lenders, often linked to Chinese companies. Their ruthless recovery tactics have led to a dozen suicides and finally goaded the police into action. These ruthless lenders, charging usurious interest, masquerading as processing fees (to beat the Usurious Loans Act) have wreaked havoc among desperate borrowers who lost their livelihood during the lock-down. The apps, which lend small sums between Rs2,000 to Rs10,000, target low-income and financial unsavvy Indians, who fail to realise how quickly their small borrowings can balloon into a huge loan. The harassment that follows has driven many young people to suicide, pushing the police to act. The Union government has still to respond with a clear policy, though.