Friday, March 2, 2012

Banking Apartheid in India

Banks ‘lock out’ Muslim firms in Aligarh

Published: Friday, Mar 2, 2012, 9:30 IST
By Iftikhar Gilani | Place: Aligarh | Agency: DNA

In the dingy lanes of old Meerut city, Iqbal Ahmed was looking to set up an additional unit for his printing press. Despite National Minority Financial Development Corporation (NMFDC) approving his loan, bank managers at the local public sector banks refused to release the amount. It was only when the Jammu and Kashmir bank opened its unit in the city last year, he could get the loan to realise his dream.
The story is identical. Hundreds of miles away in Aligarh, popularly known as ‘tala nagri’, famous for its Rs400 crore lock industry, workers and owners of small units are facing an acute banking apartheid.


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