Financial Daily from THE HINDU group of publications
Tuesday, Apr 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Apr 20, 2004 |
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Opinion
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Letters Development banking
This is with reference to "Banking on development paradigm" (Business Line, April 20). The article has rightly pointed out that if development banking is to regain its charm, it has to re-invent itself. Also the mindset of the people has to be changed. Even now, as the article points out, many villagers think that a loan is a gift from the government. They apply for loans and do not bother to repay them. Though there are many Debt Recovery Tribunals now, they have not been able to recover all the bad debts of the banks. Also, many loan melas have made numerous banks sick. Development banking is key for a nation's progress. India needs to reinvent its development banking to ensure that its economy really takes off. Development banks should think differently, and should have a long time horizon. They should acquire the expertise to assess the optimum waiting period and fix the rate of charge on wage costs and rents paid accordingly. J. Karthick Chennai Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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