The Indian Finance Minister has asked the poor not to go to money lenders. If they approach the private financiers, then he ,in charge of the finance portfolio is a failure.
Well said,Mr.Palaniappan Chidambaram.
Admitting one's defeat needs courage and grit.
The Indian FM has almost accepted his shortcomings,though belatedly.
IS the honourable minister not aware of the interest charged by the private bankers?
The poor run from pillar to post seeking financial assistance.
Having been turned down by the banks, they resort to money lenders.
The loan sharks charge abnormal interest. Some even collect interest for a day.
Getting money from such people is immediate, has less procedures,and saves time.
THe Indian FM has promised financila inclusion for the poor in the banks.
They will be charged 10% interest.Even this is little high.
I recollect,Bernard Shaw's words
Lending money for interest is second to prostitution.
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