Whalesbook
Liquidity Scheme Ka Band Baje?
Government chahti thi ki ye paisa niche tak pahunche, par banks ki reality kuch aur hi hai. Is facility ko micro-lending sector ke liye lifeline bataya gaya tha, lekin interest rate par lage tight caps ne sab kaam kharab kar diya. Banks ko apne fund cost se thoda hi upar interest lagane ko kaha gaya hai, jo ki high-risk micro-lending ke liye bilkul attractive nahi hai. Is wajah se, 80% default coverage bhi banks ko risky borrowers ke liye enough nahi lag raha.
Bade MFIs Ko Fayda?
Scheme ke design ne bade NBFC-MFIs ko zyada fayda pahunchaya hai, kyunki unke paas market ke fluctuations se deal karne ki capacity hai. Loan ceiling ko ₹1,000 crore tak badha diya gaya, jisse lagta hai ki sabko shamil karne ki jagah stability par focus kiya gaya. Chote lenders, jo gaon mein zyada kaam karte hain, unke paas credit ratings nahi hain jo banks ko satisfy kar sakein. Federal guarantee hone ke baad bhi, banks in chote institutions mein paisa lagane ko taiyar nahi hain, kyunki unhe purane asset quality issues aur collection mein dikkat yaad aa rahi hai.
Policy Ki Galti Ya Banks Ka Dar?
Risk management ke hisab se, ye scheme ek fail experiment hai. MFIs par six-month average se kam rate par lending ka pressure hai, jisse unke profit margins kam ho rahe hain aur solvency par sawal uth raha hai. Aisa lagta hai ki authorities ne saste credit ko lenders ki viability se zyada importance di hai. Agar ye chote institutions sustainable profit nahi kama payenge, toh unhe external support par nirbhar rehna padega.
Aur ek problem ye hai ki sabse vulnerable lenders ko bahar rakhne se, credit sirf kuch bade players ke haath mein concentrate ho jayega, jisse gaon ki economy kisi bade shock ke liye exposed ho sakti hai agar koi bada player fail ho jaye.
Kya Hoga Aage?
June 30 ki deadline paas aa rahi hai, aur sabhi analysts ka kehna hai ki ye scheme bahut sara paisa unused hi rah jayegi. Iska matlab hai ki banking sector abhi bhi credit quality par hi focus kar raha hai, aur government-backed expansion ke bajaye apne capital ko bachana chahta hai. Future mein agar koi nayi liquidity intervention aati hai, toh use rate caps ki jagah flexible, risk-based pricing models par dhyan dena hoga agar use chote financial intermediaries tak pahunchna hai.