India’s Illicit Moneylenders Aren’t Going Away

March 26, 2015 9:05 AM

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India’s Illicit Moneylenders Aren’t Going Away

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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