Speaking at the event, Dr Somaiya, a Chartered Accountant & PhD (Doctorate) from Mumbai University in finance & capital markets, highlighted the need to punish the cheater who defaults. "We cannot encourage defaults. However, at the same time we need to make sure small borrowers are not punished while big borrowers are being given settlement options."
Mr Jayaraman, who has spoken at Moneylife Foundation's past events on credit reports, spoke about the role of a Credit Bureau and at the same time offered free credit reports to first 250 applicants through the credit helpline.
Dr Pant Joshi, Executive Director of the RBI spoke on the need for a credit helpline and she mentioned that all over the world there are strong financial regulations. In India we have wealth managers, relationship managers, yet many refrain from visiting the banks.
Mr Dhawan spoke on Bank of Baroda’s support to the credit helpline and how banks could benefit from such an offering. He said illiteracy in financial matters is very high even among educated individuals. Financial literacy at the bottom is extremely low, hence there is a lot of mis-selling that takes place. A great deal of consumers education is required, he said.
Mr Venkatesh, plays an important role in spreading the reach of the helpline. He said that technology plays a very important role for spreading the reach of the helpline. And he will always be there to support moneylife.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
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