Have you noticed how easy it has become to get loans? Whether you want to buy a whole house or you want to buy a pair of shoes, you can take an EMI for whatever you want.
And of course, in India, an aspirational country, this means we finally have a way to attain the standard of living we have dreamed of. In the year that ended in March 2023 household debt saw its second-highest surge since independence. It now makes up almost 6% of the country’s GDP.
But as indebtedness is rising, so are cases of harassment by recovery agents. In fact, now, it's come to a point where it is giving rise to a unique type of mental health crisis–unique enough for mental health professionals to take up courses on the basics of banking and finance.
Tune in.
Also listen to: How Mahindra Finance dealt with the RBI curb on recovering loans via third party agents
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