India’s oldest Microfinance NBFC – Basix facing collapse ?

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basix-vijay-mahajan

Started in 1997 by Vijay Mahajan, Bhartiya Samruddhi Finance Ltd (BSFL)  is India’s oldest NBFC-MFI. It is now collapsing under the burden of bad loans in Andhra Pradesh where borrowers have refused to repay their microloans.

Unless the company manages to get fresh funds, BSFL’s bad loans are growing and threaten to wipe out its entire net worth and reserves in the coming months. Vijay Mahajan speaks to Tamal Bandyopadhyay on the issues facing his company and his life’s work.

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Livemint has a summary of the interview here and the full interview follows in the video below:

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Duration: 10 Minutes

BASIX AND THE BURDEN OF BAD LOANS

India’s oldest Microfinance NBFC – Basix facing collapse ?

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