Overlending by microfinance institutions with next to zero self-regulation has sent indebtedness and defaults soaring in the border state.
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The increasing convergence of sales and service functions, with consequent non-stop pressure to meet targets, has seen employees jump ship in droves. This has the potential to adversely impact the financial institutions’ health.
The conglomerate’s Tamil Nadu unit is seeing its largest case of collective action and there seems to be more at stake than what meets the eye.
The bank, following its March 2020 bailout, may have gone overboard in its quest for safety. That may soon change as it looks to acquire a microfinance business with the promise of high returns.