MoneymintMoneymint
    • ABOUT
    • BANK
    • BUSINESS
    • CRYPTO
    • MONEY
    • TIPS
    • DISCLOSURE
      • DMCA
      • Terms and Conditions
      • Privacy Policy
    Subscribe
    MoneymintMoneymint
    Home»MICROFINANCE NEWS DIGEST

    AP government accuses BASIX of charging 60% interest on micro loans

    ADITYABy ADITYANovember 27, 2022 MICROFINANCE NEWS DIGEST
    Facebook Twitter LinkedIn Email
    bsfl-basix
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Table of Contents

    • Do not have any product with 60% interest rate: Sajeev Viswanathan, CEO, Basix
    • AP’s microfinance institutions admit to charging up to 60.5%
    • Microfinance, macro woes

    Do not have any product with 60% interest rate: Sajeev Viswanathan, CEO, Basix

    Q: We are sort of startled by the data that seems to be coming out from the AP government; your interest rates are as high as 60% for Basix?

    A: That is a complete misinformation. Basix does not have single product which has interest rates of over 24%. In fact, Basix has been in the business of microfinance for over 10 years and we have never had an interest rate over 24% including the loan processing fee the maximum interest rate is at 27 or 28%. So we are also surprised at the information that is floated around.

    AP government accuses BASIX of charging 60% interest on micro loans

    Advertisement

    Massive data conversion exercise had to be carried out to convert through 0.3 million records in a matter of 24 hours to get it across to meet the deadline that was imposed upon us for registration and if it is at all possible that some corruption of data happened. I would expect that responsible authorities would check with us before putting out anything in the domain like this, testing the integrity of an organization like Basix which has been in the business of financial inclusion for several years.

    Read the rest of the interview on moneycontrol.com

    AP’s microfinance institutions admit to charging up to 60.5%

    The maximum interest rates charged by other MFIs are also upward of 30 percent — Share 19.84 percent to 32.84 percent; Asmita: 27.42 percent to 31.8 percent; and Trident: 33.68 percent.

    Advertisement
    Advertisement

    “This shows the contradiction between public claims of MFIs about ‘reasonable’ interest rates being charged by them. It is for the Government to take further steps in the matter,” a senior State Government official said.

    Microfinance, macro woes

    However, recent controversies do not deter new entrants

    Microfinance institutions (MFIs) have lately been in news for all the wrong reasons. First, there was the controversial sacking of the chief executive of SKS Microfinance, which raised $358 million through an initial public offering recently. Then there were reports from rural Andhra Pradesh about more than 50 suicides, allegedly triggered by coercive methods employed by MFIs for loan recovery. Read more on Tehelka

    Advertisement

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    ADITYA

    Aditya is a talented content writer with a passion for crafting engaging and informative content that resonates with readers. With 10 years of experience in the industry, he has honed his writing skills to produce high-quality content across a wide range of topics.

    Keep Reading
    bsfl-basix

    Bhartiya Samruddhi in talks to raise Rs 300 Crore – News Digest

    indian-notes_2999301

    Banks restructure loans for MFI’s, reduce interest rate to 12% – ND4

    IDBI_Bank

    IDBI Bank to lend Rs 700 crore to Indian MFI’s – News Digest

    Latest Articles


    Addiction or Calculated Investment: Why Gen Z prefers Crypto over Other Assets?
    June 8, 2023
    51 Best Side Business Ideas in India for Extra Earnings
    June 8, 2023
    Busting the Myth – Golden-Agers Burdened with Highest Credit Card Debt Post-Retirement
    June 7, 2023
    18 Best Paying Jobs in Capital Goods to Boost Your Career
    June 7, 2023
    22 Best Affiliate Marketing Websites to Maximize Your Passive Income
    June 6, 2023
    Embracing Technology – Businesses defy Economic Challenges to Boost Investments in Software
    June 6, 2023
    Top 30 Richest Families in the World
    June 5, 2023
    Unfulfilled Promises – Inadequate Support to Poorer Countries by Wealthier Nations to Deal with Climate Change
    June 5, 2023
    Runescape Money Making Guide: Unlocking the Path to Wealth in Gielinor
    June 3, 2023
    Public-Private Partnership Between Ifc and Nabfid to Boost Indian Infrastructure
    June 3, 2023
    Moneymint
    Welcome to Moneymint.com, your go-to destination for navigating the intersection of business and money. Our platform offers insights, resources, and tools to help entrepreneurs and business owners navigate the financial landscape and achieve success.

    Moneymint™ | Corporate Park, D-21, Sector 21, Dwarka, Delhi 110077
    Categories
    • Bank
    • Business
    • Credit Cards
    • Crypto
    • Loan
    • Money
    • Net Worth
    DISCLAIMER

    The information provided on this page is for informational purposes only. We encourage you to conduct your own research and due diligence on any entities named in this article. We are not affiliated with, endorsed by, or sponsored by any products, corporations, or their affiliates or subsidiaries. We provide no warranty, express or implied, nor do we make any representations or assume liability for the accuracy or completeness of the content presented on this page or any links associated with it.

    © 2023 Framed Media
    • About
    • Contact us
    • DMCA
    • Terms
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.