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The Wire
03-07-2025
- Business
- The Wire
In Rural Bengal, Microfinance Loan Traps Are Created Out of Circumstance and Lack of Information
Scene 1 Sajal*, a man in his 30s parks his motorcycle in front of a dilapidated mud house. Stern expression, he walks straight into the house. Twenty-five-year-old Shibani* is sitting with a child on the veranda. Her frail body bears marks of long-term malnutrition, and the child in her care shows the same signs. 'You haven't paid the instalment again this week. I won't leave until I get the money,' Sajal says. Head lowered, Shibani responds that she cannot. 'Sir, his father has gone to Mumbai in search of work and hasn't sent any money yet. I am here with my child and elderly mother-in-law. We are almost starving. There is no opportunity for me to earn here. As soon as my husband sends the money, I'll pay the dues. I won't leave any instalment unpaid," she says. 'I don't want to hear excuses,' Sajal snaps. 'Sell your goats, hens, pigs, cooking utensils, even your silver jewellery. Whatever you have. If you can't do that, then go ahead and kill yourself. If you die, the loan will be waived," he adds. As Shibani begins weeping, Sajal leaves the house. He sits under a tree, where this reporter catches up to him. Initially reticent, Sajal says that he works as a loan collector for Bandhan Financial Services Limited, a microfinance company that claims to empower women through small loans. Every week, he visits villages across the remote, forested and hilly regions encompassing Madhabpur, Jhilimili, Kanthaliya, Bansdiha, and Tilaboni in Bengal's Bankura district, to collect loan payments. 'If I fail to deposit the collected instalments, I'll be terminated,' Sajal says. Originally from a village in the Chhatna Block of the district, Sajal took up this job out of desperation. His father, who used to work in a rice mill in Jhantipahari (also in the Chhatna Block), lost his livelihood as the mill shut down. Despite having a Master's degree, Sajal earns Rs 11,000 per month as a field collector. Shibani explained that she had borrowed Rs 25,000 from Bandhan Bank to repair her house. However, Rs 2,000 was deducted upfront as insurance. For the remaining Rs 23,000, she is required to pay Rs 400 per week for 96 weeks – amounting to Rs 38,400 in total. If the collector fails to gather and submit this money regularly, he risks losing his job. Borrower and collector are thus both trapped in a vicious microfinance cycle. This silent anxiety has become widespread across Bengal, spanning villages and urban slums alike. In Nila Madhab Panda's 2017 film Kadvi Hawa, a debt collector was referred to as "jamdoot," the god of death. In many parts of rural Bengal, such collectors are known as "sir" but the horror they invoke is similar. Scene 2 On a Monday morning at around 10 am, Neha Khatun, Sultana Bibi, Mauda Bibi and others are gathered in front of Samina Bibi's house in Kabardanga in ward number 11 of Bankura town. The women say they have left rice boiling on the stove – an expression to mean that they left in a hurry amidst housework. In their hands, they have loan books and cash to repay their weekly instalments. 'Sir will arrive at exactly 10:30. You can match it with the clock. He's never late,' says Neha Khatun, who had borrowed Rs 50,000 to renovate her home. But time passes and 'Sir' is nowhere to be seen. About half an hour later, word comes in that the collector had arrived on time but is standing outside, reluctant to appear before the journalist present. Eventually, he comes forward and holds a brief meeting with the women borrowers. He agrees to speak to The Wire. 'We provide loans to poor and marginalised women to help them become self-reliant. The repayment rate is good. They pay back 96 instalments at 22% interest," he says. Neha Khatun, Samina Bibi and others with their microfinance loan collector. The children's faces have been blurred in accordance with Indian laws on minors. The loan collector's face has been blurred on request. Photo: Madhu Sudan Chatterjee. However, all the women report being burdened by high-interest repayments. 'I took a Rs 1-lakh loan. My husband is an electrician and used the money to buy tools. After a Rs 5,000 deduction for insurance, I received Rs 95,000. I now pay Rs 1,500 per week – Rs 1,44,000 over 96 instalments. I don't even know how much interest I'm paying,' says Samina Bibi. Many borrowers note that they were never told of a fixed interest rate. Most go to microfinance companies as a last resort and are compelled to accept any and all conditions set by them. Chandi Begum, a housewife from the School Danga area of Bankura town, says, 'I run a small business selling plastic and glass bangles. No bank would have given me such a large loan without collateral, so I had no choice but to borrow from a microfinance company, even at a high interest rate.' Chandni Begam, a resident of School Danga, Bankura, who started a plastic and glass bangles business by taking loan a microfinance loan. Photo: Madhu Sudan Chatterjee. Ansura Begum, a manual scavenger employed by the Bankura Municipality, took a Rs 50,000 loan to support her family and pay for her daughter Muskan's college education. Dulali Bauri, a resident of Belghoria in the North 24 Parganas district has been taking loans from IndusInd Microfinance for the past 10 years just to meet her daily expenses. Her son is a daily wage labourer. Recently, she borrowed Rs 80,000, which she must repay at Rs 1,470 per week, totalling Rs 1,41,120. Dulali Bauri at Lalbazar showing her loan book. The child's face has been blurred in accordance with Indian laws on minors. Photo: Madhu Sudan Chatterjee. 'What choice do we have?' she says with despair. 'We need money for house repairs, medical treatment, and basic survival. My son Sridam and I work three times harder just to repay the loan.' With the same story playing out across Bengal it might be worth it to look at what the original purpose of microfinance is and what it has become. Purpose Microfinance, as a formal financial tool, began taking root in Bengal during the late 1990s and early 2000s. Its primary objective was to promote financial inclusion by offering small-scale financial services, such as loans and savings, to low-income individuals who lacked access to traditional banking systems. Microfinance institutions (MFIs) aimed to serve as a bridge between formal banking infrastructure and marginalised communities, particularly in rural areas and urban slums. MFIs played a pivotal role by providing not only credit but also financial literacy and saving options. Women, in particular, were among key beneficiaries, as they often face significant socio-economic barriers in accessing formal credit or entrepreneurial opportunities. A study by the Association of Microfinance Institutions West Bengal has shown that financial independence among women led to increased participation in household financial decisions, improved access to healthcare and education, and a measurable reduction in gender disparities. 'The major reason behind this economic and social transformation among marginalised women was the establishment of self-help groups (SHGs) during the Left Front government in the late 1990s,' said Tarubala Biswas, former chairperson of the Bankura Zilla Parishad. The Wire spoke to the former chairperson of the Purulia Zilla Parishad, Bilasibala Shahis, and the former chairperson of undivided Medinipur, Pulin Bihari Baske, on the same issue. Both Shahis and Baske credit SHGs, like Biswas. 'Women received low-interest loans and were trained to manufacture useful items like bags, shirts, chairs, footballs, and imitation jewellery. Though microfinance institutions were present, most women relied heavily on government-sponsored SHGs during that time," Baske said. In the early 2000s, institutions such as Village Financial Services (VFS) began formalising microfinance operations in Bengal. This was followed by the rise of Bandhan, which later became Bandhan Bank, a major player in the sector. However, post-2011, after a change in the state government, there was a decline in the effectiveness of state-sponsored SHG initiatives. Though SHGs still exist on paper, their practical reach has been steadily shrinking. 'Allegations of corruption in SHGs have surfaced in regions such as Sonamukhi, Jhilimili and Joypur in Bankura, Memari and Galsi in Purba Bardhaman, and Kultali in the South 24 Parganas,' says Sudipa Banerjee, assistant secretary of the All India Democratic Women's Association, West Bengal. 'In this vacuum, microfinance companies have mushroomed across the state and women are being forced to depend on them," she adds. The microfinance landscape in Bengal Data given to this reporter by a microfinance company employee shows that as many as 23.8 lakh women borrowers are currently engaged with microfinance companies across West Bengal. The total loan amount disbursed stands at approximately Rs 33,181 crore. Top 3 districts with the highest microfinance penetration are Murshidabad – Rs 3,991 crore (total amount of loans), North 24 Parganas – Rs 3,090 crore, and South 24 Parganas – Rs 2,096 crore. Bottom 3 districts are Kalimpong – Rs 63 crore, Jhargram – Rs 287 crore and Purulia – Rs 435 crore. The statewide average indebtedness is 1.47%, though some districts report significantly higher distress like Jhargram (8.22%), Purulia (2.70%) and Paschim Medinipur (2.44%). Districts with the lowest indebtedness are Kalimpong – 0.55%, North Dinajpur – 0.56% and Cooch Behar – 0.80%. In terms of outstanding default amounts, Birbhum leads with Rs 23.71 crore, Bankura with Rs 15.81 crore and Dakshin Dinajpur with Rs 15.69 crore. Currently, 26 microfinance companies are operating across the state, including: Bandhan Financial Services Ltd (the largest lender) VFS Capital Ltd Satya Micro Capital Ltd Asirvad Financial Services IndusInd Bank Microfinance Muthoot Microfinance Bharat Financial Inclusion Ltd Aasha Microfinance Gramin Shakti Microfinance Services Ltd Distress The State Level Bankers' Committee (SLBC) recently painted a grim picture of Bengal's rural economy. In a quarterly review meeting held in April (attended by senior government officials, RBI, NABARD, and leading banks), the following insights emerged: Between March 31 and December 31, 2024, rural customers deposited Rs 17,576.21 crore, averaging just Rs 279 per person per month. In contrast, during the same period, banks disbursed only Rs 133.46 crore in loans – just Rs19 per person. Despite 4,350 rural bank branches, of which 2,148 belong to nationalised banks, financial access remains dismal. 'Banks hesitate to issue small business loans as they fear defaults,' says Subhash Dutta, marketing manager of the lead bank in Bankura. A senior bank officer in Kolkata adds anonymously, 'Most loans are granted to salaried, affluent individuals with proper income tax documentation. Marginalised people often lack both stable jobs and credit access.' A woman sets down her papers and money on a piece of tarp, in front of a loan collector. Her details have been blured. Photo: Madhu Sudan Chatterjee. Rural banking and the rise of microfinance Previously, rural banks like Bangiya Gramin Bank were trusted institutions for the poor. 'After the Narasimham Committee recommended consolidation in the 1990s, the number of rural banks in India dropped from 196 to 43. In Bengal, the number fell from 9 to 3,' said Tusarkanti Hazra, who recently retired from the Bangiya Gramin Bank. 'Rural banks were meant to protect people from predatory moneylenders, not chase profits. Today, they operate like corporations. Farmers now have to place fixed deposits equal to their loan amount, an impossible requirement for the truly needy,' he said. In this vacuum, microfinance companies are expanding rapidly. 'Over the last decade, the central government has indiscriminately licensed new microfinance companies. There's serious doubt whether these companies are being properly regulated,' said Uday Shankar Adhurya, State President, Gramin Bank Retirees' Association. Another major blow to rural livelihood has been the halt of MGNREGA work in Bengal for the past three years. With nearly 7 crore people living in rural areas, in 2021–22, 51,13,336 women were employed under the scheme in the state. Each woman earned approximately Rs 15,000 per year. The Union government was responsible for disbursing Rs 3,500 crore in wages to women alone. The union government suspended funds, citing corruption in Bengal's MGNREGA implementation. 'If the scheme were active, this money would be circulating in the rural economy,' said an official from the state's rural development department. Business Microfinance companies typically operate in low-income neighborhoods through the use of local brokers or field agents. Their first step is to form a group of at least 10 married women, as loans are only offered to married women. A field collector from Asha Microfinance explained the rationale: 'It's easier to recover loans from women. They repay the installments no matter what, because of their self-respect. They often take on extra work to ensure repayment. They also don't stay outside their homes for long, so they are easy to trace.' Once a group is formed, each member is typically granted a loan of Rs 20,000 within a few days. However, borrowers are immediately warned about the strict repayment system. 'They told us very clearly that installments must be paid on a specific date. And if we miss even one payment, they said they would show no mercy,' say Uma Sutradhar and Pramila Ghose, homemakers of the Bigna village, Bankura. Uma Sutradhar, Pramila Ghose, Sukuntala Malla and another woman at a meeting on microfinance loans at Uma Sutradhar's house at Bikna village, Bankura. Photo: Madhu Sudan Chatterjee. Microfinance institutions (MFIs) often use women from within the same group to pressure others into repaying. Group members are told that if one person defaults, the loans of all others in the group may be terminated. This form of peer pressure creates a climate of fear and social tension within these small communities. Traps Another commonly used tactic by MFIs is to entrap women in a cycle of continuous borrowing. After a borrower has paid five to seven instalments, she is told she is now eligible for a new loan. However, instead of receiving the full amount, the outstanding balance from the previous loan is deducted, additional charges for insurance are applied, and as a result, the woman receives very little money in hand but now owes a larger loan amount with higher interest. 'It is a fact that many women are then forced to borrow money from private moneylenders at even higher interest rates. Since MFIs refuse to provide additional loans to women already struggling with repayments, it appears there is a tacit understanding among MFIs to avoid supporting such borrowers,' said professor Pratip Mukherjee, former Head of the Department of Economics, Bankura Sammilani College. Additionally, information about insurance deductions is rarely shared, and loan documents are not transparent. Women are often unaware of how much is being deducted in the name of insurance. The identities of collection agents are kept confidential. Notably, none of the collectors are locals, making accountability difficult. Statements from industry representatives Sujit De, manager at Bharat Finance and resident of Galsi, Purba Bardhaman, defended the company's actions, saying: 'We are working to make women self-reliant.' On the other hand, Shobhon Samanta, manager at Bandhan Finance, Bankura, claimed: 'Interest must be paid as per the fixed rate. That is the rule of Bandhan Finance.' Bandhan's interest rate currently stands at 22.95%. In March 2022, the Reserve Bank of India (RBI) granted MFIs the freedom to fix their own interest rates, with the stipulation that rates should not be usurious or exploitative. However, field-level reports suggest that many MFIs do not comply with this condition, and interest rates remain high, often without clear disclosure to the borrowers.
Express Tribune
04-05-2025
- Entertainment
- Express Tribune
Sajal Ali upgrades her accessory game
In an Instagram carousel shared on Friday, Sajal Ali flaunted a silver nose ring with a glimmering stone, which she paired with a casual black sleeveless top and jeans along with a white cap. "It's my nose ring era," she announced. Fans praised the effortless look in the caption, acknowledging just how much the accessory suits Sajal. "You are so elegant, so gorgeous, looking like a true vision of grace and beauty," a fan wrote. "First of all, you have such a cute nose, and a nose ring on top of that?" another gushed. The stream of compliments didn't stop at the nose ring, as some netizens were also mesmerised by the Dil Wali Gali Mein actor's eyes. "Your gorgeous eyes, Sajal," a user simply pointed out. Sajal's expressive eyes did feign confusion in an earlier post, in which she donned her brother's shirt, once again proving how easily casual outfits agree with her. "Stole my brother's shirt, and somehow ended up a Ferrari girl. Not complaining though," she wrote. Where the clothes brought minimal charm, the Kuch Ankahi actor's makeup did the heavy-lifting. She added a touch of glamour to the unsophisticated look with a thin streak of kohl and bold red lipstick. Sajal brings her A-game even when it comes to Eastern ensembles. In a different post, the Ye Dil Mera actor stunned in her "favourite" yellow peshwas. The outfit, called 'Secret Garden', was crafted to give the impression of an obscured lawn blooming under gentle streaks of sunlight. The motif was accentuated by a scatter of floral block print, adding to the idea of hidden blossoms. The breathable malmal made the dress gleam delicately, while the gota finishing sparked a sense of quiet luxury. Stitched with Sindhi embroidery, the top was matched with block-printed dupatta and Dhaka pajama, elevating the ensemble's fluttery quality. Sajal even got the seal of approval from the person who mattered most. "Amma always said yellow suits me the most," she wrote in the caption.
Time of India
03-05-2025
- Entertainment
- Time of India
Pakistani TikToker Sajal Malik finally breaks silence on her leaked MMS scandal: 'Mentally haunted & falsely accused'
The internet is wild, but sometimes it crosses all lines of decency—and this time, Pakistani TikTok sensation Sajal Malik is at the epicentre of the chaos. After an alleged MMS featuring her in an explicit situation went viral, trolls came crawling out of every dark corner of the internet with hate, memes, and moral policing. But guess what? Sajal has finally spoken up, and she's not here for the drama. Pakistani TikToker Sajal Malik finally reacts to the viral leaked MMS scandal Calling the video a complete fake, Sajal said the explicit clip is not hers and that the whole scandal has left her mentally 'haunted.' The social media star, known for her bold reels and unapologetic vibe, is now begging the public to stop attaching her name to the leaked footage. In a heartfelt appeal to the media, she said she has had enough of people spreading lies without doing even the bare minimum of fact-checking. Sajal Malik's statement 'This is not just online trolling—it's character assassination,' insiders close to her reported. She believes this is a calculated move to ruin her reputation and silence her voice in the digital world. Not one to stay silent, Sajal has now taken the legal route and filed a formal complaint with the Federal Investigation Agency (FIA), demanding a deep-dive into the scandal and the source behind the leak. She is standing firm, saying that she has done nothing wrong and refuses to apologise for a crime she did not commit. Sajal Malik clarifies it is not a publicity stunt And for those whispering that it's a publicity stunt? Sajal straight-up dismissed that too, making it clear she does not need a fake scandal to gain followers—her vibe already has the masses hooked. This is not the first time a Pakistani influencer has been dragged into a fake MMS drama. Remember Imsha Rehman and Minahil Malik? Yeah, they were also targeted in what some are now calling a deepfake epidemic sweeping through South Asia's digital scene. Sajal Malik's fans react Sajal's fans are rallying behind her, demanding justice and calling out the culture of shaming women online. One thing's for sure—the internet may be quick to cancel, but this Rebel Queen is not backing down without a fight.
News18
23-04-2025
- Entertainment
- News18
Sajal Malik: All You Need To Know About The Pakistani Influencer Embroiled In MMS Leak Controversy
Sajal Malik is a well-known figure in Pakistan's digital scene, who works as a host, anchor and model. Pakistani social media influencer Sajal Malik, known for her TikTok videos, has found herself at the centre of a controversy after an alleged private video of her surfaced online. The clip, reportedly showing Sajal in a compromising and inappropriate situation, has been making rounds on the internet, causing a stir among online communities. While the authenticity of the video has not been confirmed, the situation quickly escalated, with Sajal's name trending across social media. Many on the internet claim that the woman seen in the video is indeed her, whereas others strongly deny it, calling the now-viral clip fake and urging people to stop disseminating unverified content. But who is Sajal Malik? Here is everything you need to know about the Pakistani social media influencer. Who is Sajal Malik? Sajal Malik is a well-known figure in Pakistan's digital scene, who works as a host, anchor and model. She was catapulted to fame through her unique TikTok and Instagram videos, in which she conducted candid street interviews. In those interactions, Sajal would randomly pick a person and question them about social issues and other trending topics. Her fresh and fearless style of communication resonated with thousands on the internet, making her videos go viral not just in Pakistan but all over the world. She has a fan following of 176,000 on TikTok, with over 2 million likes on her videos. Whereas Sajal, who uses 'Smily Queen' as her username, enjoys a massive 222,000 followers on Instagram. From lifestyle content to lip-sync reels, she has created a niche for herself in the ever-evolving world of social media. Sajal Malik's MMS Controversy The recent controversy related to Sajal is a harsh reminder of the darker side of fame. According to media reports, the controversy began on Tuesday, April 22, when an alleged MMS-format video of Sajal surfaced online. This video quickly sparked intense debate on social media, with some even taking to her Instagram posts to demand answers from the influencer while others supported her during this challenging time in her life. It is worth noting that Sajal has not reacted or released a statement regarding the controversy. Notably, this is not the first such incident in Pakistan. Previously, similar cases involving other social media influencers, such as Minahil Malik and Imsha Rehman, when their alleged intimate videos were widely shared across the internet. Such incidents have sparked public outrage and discussions related to cybercrime in the country. First Published:
Time of India
23-04-2025
- Entertainment
- Time of India
Sajal Malik's leaked MMS sparks controversy, who is this Pakistani TikTok star?
Sajal Malik, the Pakistani social media sensation known for her thought-provoking street interviews and viral TikTok content, is at the centre of a shocking controversy. The influencer, who is famous for engaging the public on pressing social issues, is now making headlines for a completely different reason—an alleged MMS video of her that has been leaked online. The viral leaked MMS of Sajal Malik The video, which surfaced on social media platforms on April 22, has sparked widespread debate. While there's been no official confirmation from Sajal herself, many netizens are convinced that it's her in the clip, leading to an explosion of opinions across social media. While some defend Sajal, arguing that the video is fake, others have taken to questioning her. Who is Sajal Malik, the Pakistani influencer who is now viral for all the wrong reasons? Sajal has made a name for herself as a versatile host, anchor, and model. Known for her bold and unfiltered street interviews, she gained fame for asking random people about their thoughts on hot topics, social issues, and viral events. This unique content style quickly grabbed attention both in Pakistan and internationally, catapulting her to social media stardom. On TikTok, Sajal has amassed a loyal following of over 176,000 followers and more than two million likes. Her Instagram account also boasts over 220,000 followers, where she shares everything from lifestyle content to lip-sync videos and trending reels. Her relatable, yet bold approach to content has made her a staple in the social media sphere. However, her current controversy has cast a shadow over her rising career. The leaked video has raised serious concerns about online privacy, with some questioning the lengths people will go to for attention in today's digital age. Pakistani Tiktokers and their leaked MMS drama This isn't the first time a Pakistani social media personality has been caught up in such a scandal. Previous incidents involving public figures like Minahil Malik and Imsha Rehman have similarly made headlines, highlighting the ongoing battle for control over one's personal content. Sajal Malik's leaked MMS video Despite the media frenzy, Sajal has not yet issued an official statement on the matter. In a world where social media reigns, this leak has exposed the darker side of fame—the loss of control over one's private life. Whether the video is authentic or not, the incident has certainly sparked a wider conversation about online privacy, cybercrime, and the dangers of being a public figure in the age of digital voyeurism. Stay tuned for further updates as the controversy unfolds. Could this scandal break her career, or will it just be another bump on her road to fame?
