At the heart of the issue is overlapping credit exposure. The data revealed that around 5 million microfinance borrowers, who constitute around 6% of the total borrower base as of November 2024, have taken loans from four or more lenders. Data from the Reserve Bank of India (RBI) also showed that the share of borrowers
To comply with changed norms for getting interest-free capex loans from the Centre in 2025-26, states will seek modalities of uploading project details in the Public Financial Management System (PFMS) portal. Lack of knowledge in this regard is hindering states from providing the required information, which may lead to a delay in getting funds for
BALTIMORE COUNTY — A former Baltimore County corrections officer fraudulently obtained over $40,000 in federal loans a new OIG report revealed. This stems from an investigation in late 2022. The Inspector General’s Office was contacted by a member of the Small Business Administration Office and determined some loans were being obtained fraudulently. This was the
The share of outstanding U.S. consumer debt that’s in delinquency rose in the first quarter to the highest in five years, reflecting an end to the pandemic-era pause on reporting delinquent student loan payments on credit reports. Some 4.3% of debt was delinquent in the first three months of this year, the most since 2020
The U.S. Department of Education last week announced it would begin collections on federal student loans in default. That means anyone behind on payments by 270 days or more will soon face automatic deductions from their wages, tax refunds and other income sources. Collections on overdue loans had paused for years during the pandemic. Betsy
Rising grocery prices are driving more consumers to use Buy Now, Pay Later (BNPL) loans to afford food, with 25% of users reporting they’ve used the service for groceries — up from 14% the previous year. Gen Z is the leading demographic using BNPL for grocery purchases, with nearly half of them considering applying for
WASHINGTON (AP) — House Republicans revealed the sweeping tax provisions for President Donald Trump’s big bill Monday, tallying at least $4.9 trillion in costs so far, partly paid for with reductions to Medicaid and other programs used by millions of Americans. The House Ways and Means Committee named its package ‘ ‘THE ONE, BIG, BEAUTIFUL
Student loan borrowers have a lot of questions about how wage garnishment works, as the Trump administration resumed involuntary collections. Those include concerns about how much money the government can take, whether they can challenge collection efforts and how garnishments work for those who are self-employed. Here’s what we know so far. Shortly after the
Small business loan application on the wooden surface and documents. getty Few decisions shape a small business’s financial future more than choosing the right type of loan. Whether you’re launching, expanding, or navigating a short-term crunch, knowing when to use a secured versus an unsecured loan can make all the difference. At its core, a
BB tightens rules to rein in bank’s in-house irregularities The central bank has tightened rules on lending to individuals and institutions connected to banks — such as directors, managing directors, their family members, and bank subsidiaries — to tackle widespread irregularities and scams in the banking sector. For all latest news, follow The Daily Star’s