Businessman Vineet Pandey has 500 housekeepers, security guards, electricians and plumbers on his books, servicing offices in India's booming financial metropolis Mumbai. He would love to hire more to keep up with demand, but cannot get a bank loan. Pandey, 36, recently had to turn away an order that would have created 100 new jobs and helped his firm, Kaarya Facilities, expand its $1.6 million in annual sales, after his credit application to a state-run bank in January went unanswered. "We are a labour-intensive company, but if we don't get finance from banks ...
No loans? Small businesses suffer due to banks' bad debt problem
Bad debt in India's banking system has led to a prolonged credit crunch inflicting small enterprises