HDFC News
In India, some farmers take banks for a ride
Two years ago, Vilas Yelmar took out a Rs 200,000 bank loan to develop a small grape orchard in a dusty hamlet southeast of Mumbai.
The bank has repeatedly asked for the loan to be repaid, but Yelmar, whose annual income has risen to Rs 20 lakh, has spent the money on a new sport utility vehicle and a lavish family wedding.
He is one of an increasing number of ‘wilful’ defaulters in Asia’s
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