Fix upper-limit for interest on loans, private money lenders

Kashmir Times. Dated: 1/10/2019 12:00:36 PM

Dear Editor,
Non-Banking-Financial-Companies NBFCs are minting money at cost of public-money deposited in banks where presently banks including public-sector ones finance these NBFCs for money-lending business. It is noteworthy that owners of some NBFCs are themselves in news for extra big questionable bank-loans. There must be a total ban on banks financing for purpose of money-lending business.
Reserve Bank of India RBI and central government should fix some maximum annual interest-rate of say 18-percent that can be charged by any one including banks, NBFCs and even private money-lenders. Charging interest more than such fixed maximum rate may be an offence under Indian Penal Code IPC. Such a provision will also save farmers taking loans from private money-lenders at exorbitant interest-rates.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.

 

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