The poor’s recourse isn’t a bank, but moneylenders, mostly

A study reveals that the poor still rely on informal lenders for emergency funds. Piramal Enterprises suggests NBFCs can bridge this gap with regulatory support. Micro-businesses and weaker segments remain underserved, depending on informal channels. Covid-19 increased reliance on informal credit, especially in lower-income states. State-level disparities exist, with some states heavily reliant on informal borrowing.

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