Dear Jami,
This may or may not be relevant, but in 2007 (or so) I did some work for NABARD (funded by SDC) in response to a request from the Minister of Agriculture for suggestions as to how he should respond to the rash of farmer suicides. We met some sad widows, and talked to bankers and others in various places, including Viddarbha in Maharashtra where there had been a particularly high number of suicides.
Bank of India (not the RBI, the Bank of that name) had just started what they believed was the only debt counselling service in India which was not for the urban middle class, in Viddarbha, and I spent some time with the person who ran it. I could send you my notes on that if you wish. One of our suggestions was that such a service should be set up more widely, but I don't know if anything came of it, and the Minister ignored most of our recommendations and chose instead to do another loan waiver, with the usual destructive effects on credit culture, and not much else.
Malcolm
Sent: Tuesday, October 25, 2016 7:12 PM
Subject: [MFP] query on Indian consumer debt levels
Greetings Group!
Have you or anyone you know ever tried to assess levels of over indebtedness in any part of India?
I am conducting research related a proposal to create debt counseling/mediation facilities. The idea is to start one city where a consumer advocacy organization already has a consumer redress center that handles financial and other sector disputes.
We would assist consumers to develop a feasible budget and payments plan, and negotiate a new payment plan with their creditors or file bankruptcy relief where the situation warrants. A related hypothesis is that the financial sector will gain by participating as they no longer have to hire thugs to debt collect, nor do they have to sell off NPLs.
Interested in your collective insight and related hypotheses.
Also, does anyone know if the RBI is measuring over indebtedness levels (in some form or other) --- for ex. like South Africa does through its national credit regulator so you can see that some 50% of consumers are 'debt impaired,' which is behind by 3 or more monthly payments on a credit obligation and legally unable to borrow more.
Thanks in advance! Hope all is well in your corners of the globe.
Best,
Jami Solli
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Posted by: "Malcolm Harper" <malcolm.harper@btinternet.com>
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