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Among the "Committys" that the British dealt with were the bulk sellers of cloth and other export commodities, money lenders and money changers, and the individual shop-keepers. [30] The second Chief Merchant of the British East India Company in Madras was a Komati called Kasi Viranna, appointed in 1669. [ 31 ]
Sahyog means co-operation in Hindi and Gujrati, the predominant [6] languages of traders. The hundi is so named because it required the co-operation of multiple parties to ensure that the hundi has an acceptable risk and fairly good likelihood of being paid, in the absence of a formalized credit monitoring and reporting framework.
Bania (also spelled Baniya, Banija, Banya, Vaniya, Vani, Vania and Vanya) [1] is a mercantile caste mainly from the Indian states of Gujarat and Rajasthan, with strong diasporic communities in Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra (mainly Mumbai) and other northern states.
Hard money lenders would consider lending in this situation if they can be assured that, should the loan go into default, they can sell the house, pay off the first mortgage and still earn a ...
The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs).
Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and a bank account is considered indispensable by most businesses and individuals.
External commercial borrowing (ECBs) are loans in India made by non-resident lenders in foreign currency to Indian borrowers. They are used widely in India to facilitate access to foreign money by Indian corporations and PSUs (public sector undertakings).
Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender's options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan. An unsecured lender must sue the borrower, obtain a money ...