loans
By Ritika Jain A Delhi Court earlier this month pulled up the State Bank of India for trying to recover money from a dead person. The court was hearing the bank's plea seeking to recover dues amounting to more than Rs. 13.5 lakhs. However, the bank did not know the individual had died when it filed a suit against the person. Dismissing the bank’s plea, the court advised bank officials to access the national births and deaths database to first ascertain whether the individual they were seeking money from was alive or dead. The advice followed the bank’s admission that it mistakenly filed a suit...
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By Kaisar Andrabi Farheen*, a 27-year-old single mother with four children, is anxious about the car and personal loan she took for her children's education. Last month, she used up her small savings to make the monthly payment. Now, she's worried about not being able to pay this month because she has no income. Her troubles started when Urban Company, her employer, blocked her work ID for failing to maintain a demanding rating of 4.8 out of 5. Farheen believes the new rules for maintaining this rating are unreasonable and beyond her control. “I've been working at this job for three years, and...
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By Saurav Das Deepa*, a 40-year-old doctor from Delhi was horrified when she got a WhatsApp message of her face morphed into an obscene picture earlier this year. “It was a disconcerting experience,” she told Decode narrating her experience of receiving harassing calls and messages from a loan recovery agent. Apparently, her 2002 batchmate from school, Dilpreet Singh, had taken a loan and failed to pay. The recovery agent, from a bank he did not identify, claimed that she was the Dilpreet ‘guarantor’ and therefore must pay the default loan amount. “I didn’t even know this Dilpreet. We were onl...
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By Kaisar Andrabi For the past three days, Aakash Yadav, a 22-year-old resident of the Vasai area of Palghar Mumbai, has been desperately attempting to call the cyber helpline number 1930 to complaint about the harassment calls he has been getting. His calls went unanswered and all that he heard was an automated response: “Welcome to the cyber helpline number…” before the call dropped once again. On March 8, Yadav was checking his eligibility criteria to avail short-term loans. On Instagram, he stumbled upon an app - Financial Wallet. He clicked on the post which took him to Playstore from whe...
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By The Conversation President Joe Biden announced a program to provide student debt relief to millions of borrowers of federal loans. The plan would offer up to US$10,000 in forgiveness for people who earn less than $125,000 – $250,000 for couples – and up to $20,000 for Pell Grant recipients. Biden also extended the pause on repaying federal student loan debt through Dec. 31, 2022, and has proposed a cap on income that can be used to calculate how much borrowers repay through income-driven repayment. The Conversation asked three experts to explain the decision and its impact. Also Read: Why B...
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By Mohammed Kudrati A Facebook page promoting an Android app that supposedly gives out state-sanctioned loans of all kinds under the 'Pradhan Mantri Yojana Loan', is fraudulent as no such government loan scheme exists. Furthermore, the app is not linked to Government of India. The said Facebook page has multiples posts having the same image, app link and the same text appealing to customers to take the loan. It also uses the emblem of the Government of India to lend itself credence. The link to the app can be found here (only for the Android Play Store). Further, all posts say the following. T...
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