How responsible are India’s lenders? A new report has a few pointers
The Financial Planning Standards Board India (FPSB) and Indian Institute of Management (IIM), Lucknow have released the “Navigator of Responsible Lending- India” – a first of its kind report on the state of Indian consumer lending sector with respect to responsible lending practices.
Focusing on small ticket (up to Rs 15,000) personal and consumer durable loans across both banks and NBFCs, the first-of-its-kind research aims to introduce the Indian consumers especially first time borrowers to the concept of responsible lending practices, a press statement said.
Conducted from July 2017- December 2017, it evaluates the performance of industry along five selected parameters of loan application process, lender’s public information, fees & charges, loan servicing and financial inclusion on the basis of information that a consumer would be able to access in public domain, through his loan journey.
Photo courtesy of Peter Haden.