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Neither billionaires nor poor can escape India shadow lender woe

Non-bank lenders with AA ratings were paying about 10.68 percent for money last month, up 64 basis points since September, according to the latest analysis by CARE Ratings. When India’s shadow lenders sneeze, many others catch a cold. Debt concerns have pushed funding costs for non-bank financing companies to multi-year highs in recent weeks. That’s bad news for borrowers in the world’s fastest-growing major economy — from poor entrepreneurs getting micro loans for food delivery businesses to property tycoons looking to roll over debt that fueled a construction boom. Read more on that here. The development will make money […]

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