Grameen bank and IIMs - both are popular 'brands' and do not require any introduction. Recently, I happened to meet the staff member of a Nationalized Bank situated inside the campus of one of the IIMs in India. The details he casually shared with me were quite shocking - to say the least.
He was actually on the 'look out' for a person, who passed out of that IIM two years ago. The 'honourable' student, undoubtedly one among the finest brains in the country, had taken a 'hefty' education loan and has not cared to pay back. The shocking part of the story is that this is not a single case in isolation. There are scores of such IIM graduates who have turned education loan defaulters in the country.
Till then, I had read only stories about the fat paycheques the IIM graduates were taking home every month. But, the other part of the story, which has skipped media focus, is that many among them (not all, of course) have turned wilful defaulters. The defaulters fall into several categories - some make irregular payments, some others pay for a few months and discontinue and a few others who do not pay back even a single rupee.
Bankers face several hurdles in their recovery efforts. The IIMs do not take any responsibility in this issue. They maintain that education loan is an issue between the candidate and the bank.
When postal address turns out to be wrong, the banks try to trace the defaulters through several means, including web search, linkedin connections, facebook statuses and twitter updates. But, the 'wilful defaulters' are often unwilling to cooperate.
Now, coming to the grameen bank customers - these people constitute the poorest among the poor in Bangladesk. The bank lends small amounts to the poor and the beneficiaries start micro-enterprises in agriculture, animal husbandry and allied areas. The recovery rate stands at 98%. They are not only poor, but also illiterate. The poorest of the poor have self-esteem and self-respect and have proved trustworthy. In contrast, by wilfully defaulting on loans, some (I repeat - only some, not all) of our learned IIM grads are proving that these lack all these!
He was actually on the 'look out' for a person, who passed out of that IIM two years ago. The 'honourable' student, undoubtedly one among the finest brains in the country, had taken a 'hefty' education loan and has not cared to pay back. The shocking part of the story is that this is not a single case in isolation. There are scores of such IIM graduates who have turned education loan defaulters in the country.
Till then, I had read only stories about the fat paycheques the IIM graduates were taking home every month. But, the other part of the story, which has skipped media focus, is that many among them (not all, of course) have turned wilful defaulters. The defaulters fall into several categories - some make irregular payments, some others pay for a few months and discontinue and a few others who do not pay back even a single rupee.
Bankers face several hurdles in their recovery efforts. The IIMs do not take any responsibility in this issue. They maintain that education loan is an issue between the candidate and the bank.
When postal address turns out to be wrong, the banks try to trace the defaulters through several means, including web search, linkedin connections, facebook statuses and twitter updates. But, the 'wilful defaulters' are often unwilling to cooperate.
Now, coming to the grameen bank customers - these people constitute the poorest among the poor in Bangladesk. The bank lends small amounts to the poor and the beneficiaries start micro-enterprises in agriculture, animal husbandry and allied areas. The recovery rate stands at 98%. They are not only poor, but also illiterate. The poorest of the poor have self-esteem and self-respect and have proved trustworthy. In contrast, by wilfully defaulting on loans, some (I repeat - only some, not all) of our learned IIM grads are proving that these lack all these!
1 comment:
Yes... U r exactly correct. What is the use of the knowledge, brand name when these people are cheating the banks with which help, they have pursued courses.
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