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Small businesses suffer as bruised banks sit on deposits

Reuters  |  NEW DELHI/MUMBAI 

By Rajesh Kumar Singh and Suvashree ChoudhuryNEW DELHI/MUMBAI (Reuters) - 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, ...

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First Published: Wed, May 17 2017. 08:02 IST
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