Loan recovery: Credit penetration must not turn into a nightmare
₹3,000, taken through the company’s app. The seizure of devices during a raid on Finsara’s office is said to have revealed a scandal of sexual shaming in wide deployment as a threat. The police claim that links with 1,577 cases across the country have been traced, involving loans of almost ₹5 crore.
Even if these numbers seem small in the context of all-India lending, that such practices exist at all is an outrage. And since not everyone speaks up, how rampant they are is a guess. The depravity of even a few can hobble an entire market.
For centuries, unregulated lending has had an exploitative image among the needy—if not for usurious charges, then for the arbitrary extraction of assets and services by moneylenders with no scruples. India fought hard to end bonded labour, a form of slavery that debtors would be forced into. It’s a sad reflection of today’s tech-enabled times that small-ticket borrowers can be deprived so luridly of dignity for their debts.
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