LUDHIANA, India—Three bank branches stand across the street from Ajay Kumar Jaswal’s vegetable stand. But their loan officers shun his small business, forcing him to pay up to 20% quarterly interest to an illegal moneylender for the roughly $160 he needs as working capital.
“I’ve tried and I’ve tried and I’ve tried,” Mr. Jaswal said. But without any property to pledge as collateral, “it just never works out.”
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