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Lenders looking for buyers; dues stand deferred automatically for 3 months unless banks, NBFCs get hold of them
Banks and shadow lenders are finding it hard to locate some of their clients, many of whom haven’t been able to pay their dues on time amid the current economic distress. Financiers across the spectrum are struggling to trace low-ticket borrowers, about a fifth of their customers, through virtual means. Unless they can get hold of them, repayments stand automatically deferred. The Reserve Bank of India has announced a three-month moratorium on repayment to cope with the effects of the Covid-19 lockdown.
Agents are hunting for borrowers who have taken loans with no collateral to buy phones and white goods. Others have taken personal loans or have credit card debt.