European and American financial ‘Banias’capturing Indians and Chinese into credi

Jun. 11, 2007
In India ‘Banias’ means blood-suckers who slave people financially. They lend money to people and control over their lives. In recent years, Consumer credit card advancing in fast-growing Asian economies has been marked by spiky bang and not working cycles that can put at risk economic stability, said in a report by the Bank for International Settlements, on Monday.
Usage of the credit cards have been increased in many Asian markets by three to six folds between the years 1998 and 2005, where as the regular credit card balance per head has also grown up by about the same amount, a study in the June 2007 BIS's quarterly review said.
It also added, Banks took benefit of the growth in consumer markets to struggle for high acquiesce but riskier trade among less well-off cardholders, by reducing lending principles and making consumer credit more easily accessible.
It not only helped to stimulate consumer spendings but also created a speedy increase in household debt, with a "disproportionate concentration of debt burdens among riskier card holders," the report found.


By Saniya Mehra