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Connecting borrowers and lenders: Indians try peer-to-peer model - chairman - 12-05-2013
Srinivas Porika tried for months to get a loan of 250,000 rupees ($4,000) to pay for his sister’s wedding, but every bank he tried turned him down. The problem: Porika’s employer, a tech start-up company, was not on the banks’ lists of pre-approved companies.
“They were ready to give me a credit card, but were not ready to give me a loan,†said the 28-year-old from Hyderabad, who met several bank managers and officials to plead his case.