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Saturday 16 March 2024

Blogs of Professor(Dr.) Pranab Kumar Bhattacharyya MD(calcutta.Univ) Pathology; : Cautionary Advices to parents / guardians regardin...

Blogs of Professor(Dr.) Pranab Kumar Bhattacharyya MD(calcutta.Univ) Pathology; : Cautionary Advices to parents / guardians regardin...: NB  This very Post is ment for any National level Regional level or State  level  Daily News paper in any state of India and in abroad in an...

Cautionary Advices to parents / guardians regarding UPES' School of Design, Bidhouli, Dehradoon, Uttarakhand, before enrollment your student for BDes course in fashion Design at least

NB  This very Post is meant for any National level Regional level or State  level  Daily News paper in any state of India and in abroad in any languages to be published .May be edited by the Editor 


Title 

Cautionary Advices to parents / guardians This very Post is for any National level Regional level or State  level  daily news paper in India and abroad in any languages published 


Title 

Cautionary Advices to parents / guardians regarding UPES' School of Design, Bidhouli, Dehradoon, Uttarakhand, before enrollment your student for BDes course in fashion Design  at least 


Author -: 


Professor Dr Pranab Kumar Bhattacharya MD, (University of Calcutta) Pathology,Fic pathology;  WBMES (  retired)

Ex Retired Professor,and Head Dept. of Pathology,  

Calcutta School of Tropical Medicine, 

108,C.R.Avenue, Kolkata -700073, West Bengal, india, Department of Health and Family Welfare  (WBMES wing), Government of West Bengal

Equivalent Officiating Rank ,he was retired in 2021 -: "Special Secretary " to the Government of West Bengal

Post retirement posts he served -:

Ex- Principal / Dean of JMN Medical College, JMN Educational  and Research Foundation, UttarPanchpota, Chakdaha, District- Ranaghat ,West Bengal, India, pin 741222 (now  under 1rst LOPof NMC New Delhi ; affiliation with WBUHS)


 Ex Professor and Head of Pathology Department

 JIS School of Medical Sciences and Research ( under JIS University , Nilgange, Agarpara,  24 parganas North ) jagancha santragachi, Howrah District, West Bengal pin 7111302( under 1rst LOP of recognition of NMC, New Delhi)


At present ( since 19.12.2023 to till date)

 Principal / Dean of Krishnanagar Institute  of Medical  Sciences ,  Bhatjangla Palpara more , Krishnanagar, District -Nadia, West Bengal , India 741101( a upcoming UG private company Medical College under WBUHS affiliation) 

Email profpkb@yahoo.co.in

Residential address for communication-:

Mahamaya apartment ,Block B , Mahamayatala ,54 , NSC Bose Road( Spenser gate)  PO-Garia,PS Narendrapur,  Kolkata - 84 ,West,Bengal India 


  As successive Dean/ Principal of two undergraduate Medical Colleges in West Bengal state of India as an administrator, as a retired Professor and Head  of the Pathology department, JISMSR at JIS University West Bengal, and  retired Professor and Head of most prestigious premier institute, Calcutta School of Tropical Medicine as class-1, Group- A , Gazetted officer of WBMES cadres of government of West Bengal, as Special secretary  (on detailment ) to government of West Bengal, as  ex member & members Secretary of West Bengal University of Health Sciences (WBUHS) for Pathology,  

I feel  now compelled  to share some important information about the UPES School of Design,  specially for their BDes Fashion Design courses, situated  at Bidholi campus, Dehradun, Uttarakhand .I have seen  some many students from West Bengal, Bihar, Tripura, Assam, and North east States of India, make the  blunder of enrolling  them in’ UPES' at School of Design for their B.Des Design courses including from other states of India cracking all India  based UPES DAT test NIFT and other all India tests and unfortunately, some of them have come later to regret their decision to enroll their names in UPES in B Des fashion Design courses as students to become honors degree holders as fashion designers and to get a standard job in the market or some  students become finally compelled to drop out from the courses in that SOD institute/UPES university asking for transfer certificate and migration Certificate even in his or her 8th semesters. 

Firstly I want to address the issues of cost UPES  has gained  notoriety  for being one of the  most expensive universities in india( making the higher education too much commercial and pure business with a tuition fee of Rs 17-18 lakhs INR  over eight semesters in fashion design BDES course ,and for other courses ( 18 -40 lakhs INR) And when it comes to a BDes degree in fashion design, where  both theoretical and practical skills and hands-on experience are crucial, this high cost may not be worth at all. In fact, there are numerous government and public universities that offer fashion design B Des courses at significantly much lower cost, without compromising on the quality of education. 

Moreover, UPES' School of Design has been marred with many controversies and allegations of practicing unauthorized ,not UGC/ AICTE recognized (methods of  students  biometric class attendances recording system , instead of in class roll call registers records), mismanagement from UPES administration and  authorities, and in  poor infrastructures and doing to some  student’s from West Bengal unnecessary scolding in front of others faculties and students, spying against a student by other students in same class regarding whereabouts of targeted students, mental ragging, mental harassment to students making students mentally traumatized by the female present  BDes course coordinator, cluster Head of the department ( Mrs Jharana Joshi) and few faculties there , by rude behavior & often un necessary scolding and by various methods like negative remarks about a student, preventing few bengali students  doing pattern, cutting and stitching garments gowns in laboratory and  by making students successively and  repeated plucked in  their end semesters subjects, in juries (university end semesters), purposefully, vindictively,  by not allowing students to finish up their courses in scheduled period and  scheduled time  frame of  admission academic sessions and  thus she compel students to extend students times, beyond schedule academic sessions of admission ( say for admission sessions for 2020-2024) to finish the course and forces to lag behind time completing his/ her course for further two or three or four extra semesters fees to get degree or make students  and their parents bound to take Transfer and Migration certificate from the Institute and university ( even paying after UPES Rs 17-18 lakhs INR ) and  without offering  students any degree or diploma certificates ( as per NEP 2020 rules, though students is in 8 th semester classes and payed full semester fees up to 8th semesters) or refunding back the full  or even 8th semester fees the students or their guardian payed  already to UPES.  This is ridiculous

In 2017, this university was  highly accused of charging exorbitant fees and not providing students with their promised facilities in their prospects . In addition, there have been reports of students being forced to take loans and facing financial difficulties due to their high fees, due to extending time period of  students beyond  their schedule time periods of academic session a student gets admitted  him / her thus upes earning further huge amount of money from students who gets supplementary in say 14-16 subjects even after 7th semester and has to complete also projects/ internship for 8th semester. UPES SOD Dean or course coordinator, faculties was never helpful to solve this problem of students but they throttle the students in clever and dirty games that the situation  becomes dreadful , nightmare both for students and his/ her parents. 

Furthermore, the faculties at UPES' School of Design has also been a big cause for concern. Some few students have complained about the mental harassment/ mental trauma/ mental ragging by faculties even by  the cluster Head of SOD Mrs jharna Joshi ,MDes (nift) and her some followers, so  that students become physically ill , hypertensive getting Duodenal  peptic ulcers, gets mentally traumatized , depressed , suffers from psychological chronic head ache, phobic to enter in department etc and  the chairman of anti ragging committee there ,Dean SOD, Dean students welfare committee and others authorities like VC, Registrar ,COE, including honb . chancellor UPES- remain  totally mummed on these issues even when they are informed of all these irregularities going on , officially by letters , (officially by emails, after e mails and also by received hard copies sent by registered post to them or by Speed Post of India post. None bothers to answer to student /guardian/ parents of students even. 

 Many faculties in SOD UPES including the present BDes Fashion Design course coordinator Mrs jharna Joshi herself are not experienced enough and are not even qualified faculty members according to UGC guidelines of 2022, Teachers eligibility criteria / for NEP 2020 gazette teachers qualification criteria and  thus leading to a subpar learning experiences there. As a Professor and Head of a department (for the last  18 years, myself), I understand the importance of having competent and knowledgeable teachers, and UPES seems to be lacking in this aspect (0nly 46% teachers have PhD degrees in UPES). But perhaps the biggest issue with studying at UPES' School of Design is the lack of  free  flow working  opportunities and environment for some few targeted Bengali students in the laboratory without permission of the Head of Department like in  pattern ,cutting and stitching and asking students to redo & redo & redo one item  by Mrs jharna Joshi to a student. unlike other renowned design schools in India, UPES may  have ties with  other global / Indian universities or companies for exchange programs or for internships  of students in summer internship/ final year dissertation /  projects in others expensive states but these are financially very costly to bear  extra financial burden and have to be arranged by the students themselves or their parents in their 4th and  8th semesters. This severely limits the exposure and opportunities for students to gain practical experience and network with professionals in the industry.  As someone who  been in the education field for long years, I strongly advise students and their parents to steer clear of UPES' School of Design. The high cost, poor infrastructure, and lack of opportunities , not following UGC/ AICTE rules and regulations, mental ragging by the faculty and cluster Head make it a questionable choice for a degree in fashion design ,unless you are from a very rich family and want to ruin your bright career by getting yourself enrolled there.  

 In regards to examinations systems, of School of Design ,UPES, the  semesters Examinations system they never followed UGC guideline and rules of appointment of  minimum one external examiners from outside states of Uttarakhand  institutions or two internal examiners for one external examiner from outside institute of UPES itself in every subjects of university at end semester or in supplementary examination (as per UGC guidelines and rules of examination clause 5, Para clause k & j of page 7&8 ( UGC ) stating both rules of UPES and of UGC for UG semester examinations,  neither they have theoretical papers examinations from semesters 1 to semester 08 , except only in 02 during entire course in 2020-24 sessions after I complained and documented ). Moreover one internal examiner Mrs jharna Joshi is appointed always I found as the course coordinator ,  convener examiners, in all subjects as examiner( even besides her expertise in subjects she is appointed as examiner by the UPES board of studies) including project mentoring,  who has no  UGC recognized PhD degree  in fashion design ( till date) and not  even she  possess either  a BEd or TTE certificates ,as defined in UGC rules 2022/ NEP rules 2020 to be even Faculties  in  designation of Assistant Professor  onwards and  still she is  appointed by the UPES as Associated professor,( how is that possible?)  cluster head of department(?) ,  all in all in  final decisions making of all examinations  that which students will be declared as passed or who will be taken  granted as failed ,even if  those students get good percentage of attendance in classes and obtained good marks in internal assessment and prior to semester exam( jury) by others faculties there . some faculty declare under instruction of cluster Head whether that students will pass or will  get plucked much previous to jury exam which means passing in exam are pre decided. UPES, COE doesn't publish or speaks a single word regarding marks obtained by a student in theory, in practical and in viva in subjects he or she appeared in jury( break up obtained Marks) , even though a student or his or her guardians want to know  about  division marks and the students obtained in each subjects failed ,to detect  what are causes of multiple failures,where the defects of the students for his / her failures to rectify him/ her

Dean School of Design and UPES authorities never care to  give in writing answers to multiple  numbers emails  or received  multiple letters served to them from students/ student's official guardians, even  to repeated served  Demi Official letters to them, (addressing to Dean SOD UPES, Registrar, COE, VC , even to Chancellor of UPES , Dean of students welfare) , regarding ragging and grievance redressal committee officially and VC/ Registrar office does not even want to receive any complaint letters against them or their faculty members and Registrar himself threaten student/ guardian to ruin his/ her career if complain  is done officially against all irregularities and against UPES faculties and he is to protect his faculty . 

UGC by its order said private universities under UGC 12B,&22 & 2f must be maintained as per regulation of UGC act 2003 for establishment and maintenance of all standards for safeguarding students community in all possible ways and against commercialization of higher education in india and under para 3.7&3.8 of teaching learning process and in  examinations system in UG/ PG and diploma courses .The policy of SOD in UPES is reversed to rules of UGC and is not  found safeguarding students / students community interest and is just for huge profitable business  with education and commercialization of higher education in the state of Uttarakhand from students of other states in India like from West Bengal

In conclusion, based on my years of experience in the higher education field in India, I strongly advise students and their parents to exercise Highest level caution when considering enrollment in UPES' School of Design specially from north east Indian states including from West Bengal even if you get chance there. The combination of very high cost, poor infrastructure, mental harassment, mentally traumatizing students, making repeated fails in many  subjects in jury  in semesters and very limited opportunities makes it a questionable choices for a degree in Fashion Design there in UPES  Dehradun India 

Instead, I encourage you to explore other reputable universities in India that offer Fashion Design courses at a much lower cost and provide better facilities. Do not let the glossy brochures and enticing promises of UPES  sway you into a costly and regretful decision. School of Design, Bidhouli, Dehradoon, Uttarakhand, before enrollment your student for BDes course in fashion Design  at least 

Professor Dr Pranab Kumar Bhattacharya
















Sunday 18 June 2023

Blogs of Professor(Dr.) Pranab Kumar Bhattacharyya MD(calcutta.Univ) Pathology; : In UPES School Of Design yours and your parents' ...

Blogs of Professor(Dr.) Pranab Kumar Bhattacharyya MD(calcutta.Univ) Pathology; : In UPES School Of Design yours and your parents' ...:     In  UPES School Of Design Derhadoon india yours and your parents' dream to make you a fashion designer or designer with BDes degree...

In UPES School Of Design yours and your parents' dream to make you a fashion designer or designer with BDes degree or MDes degree will turn into a nightmare for both you and your parents.

  

In  UPES ( University of Petroleum and Energy studies) ,School Of Design,  Dehradun, India , your's and your parents' dream to make you a Fashion Designer or a Designer with a B.Des degree ( four years honors B.Des) or M.Des or integrated MDes degree will ultimately turn into a big nightmare for both you and your parents.  So My Advice to all students in India Specially of West Bengal " don't get yourself admitted ever in UPES" .


Author of this article is

https://ask.shiksha.com/i-want-to-know-about-the-latest-cutoff-information-for-b-des-in-fashion-design-at-upes-school-of-design-qna-6865145


PROFESSOR DR. PRANAB KUMAR BHATTACHARYA MD ( university of Calcutta ) FIC Path & Retired WBMES CADRE OFFICER OF HEALTH DEPARTMENT,GOVT OF WEST BENGAL( Retired)

His Designation was-:

Retired Professor and Head of Pathology Department, Academic building, 2nd floor, Calcutta School of Tropical Medicine, 108,C.R.Avenue, Kolkata -700073, West Bengal, india ,Department of Health and Family Welfare  (WBMES wing) of  Government of West Bengal, now pensioners of government of West Bengal 


(Equivalent officiating Rank  and with executive power when retired -: "Special Secretary " to the Government of WestBengal)


Ex- Principal/ Dean of JMN Medical College, JMN Educational  and Research Foundation, uttarpanchpota, Chakdaha, District- Nadia ,West Bengal, India, pin 741222-  a UG Medical College under Public Private partnership model of Health Department ,Government of West Bengal (under 1rsr letter of permission from National Medical council  and affiliated with WBUHS)


Ex Professor and Head of Pathology Department,

JIS School of Medical Sciences and Research ( under JIS University , Nilgange, Agarpara,  24 parganas North ) jagancha santragachi, Howrah District, West Bengal pin 7111302A UG Medical College under public private partnership model of Health department( WBMES wing) Government of West Bengal under 1rst letter of permission from National Medical council under

affiliated with JIS university 


At Present his designation- (since 19.12.23 to till date ):.

Principal and Dean Krisnanagar institute of Medical Sciences( KIMS)  ,Krisnanagar city, West Bengal India 


Email profpkb@yahoo.co.in

whatsapp & mobile -: 9231510435


Advice to students and parents of West Bengal state and of other states in India 


My sincere advice to all aspirant students of West Bengal state of India, who are or will be dreaming , dreaming to Pursue/ study Bachelor of Design course (BDes ) at University of Petroleum and Energy Studies ( called popularly as UPES at address  bidhouli, Dehradun, India -) as a retired ,39 years long experienced  National Medical Commissions' , Ministry of Health New Delhi ( NMC)  recognized a Post Graduate and Doctoral level teacher, in Designation of Professor and Head of Pathology departments in the WBMES cadre  officers of government of West Bengal, at various top ranking Medical colleges in the West Bengal state;  b) as  an Ex and present Principal /Dean of a Medical College under Letter of permission from NMC  New Delhi ; c) as the retired "ex officio special secretary to government of West Bengal" and d) as  Ex Members Secretary, and Member of Board of Studies of West Bengal University of Health Sciences kolkata( a UGC recognised university under section 2(f) and NMC recognised university that


,1) Don't ever opt for UPES, School of Design ( SOD)  B Des courses (at least BDES for fashion design )  or M Des courses at least  students who are dreaming  to be degree- holder fashion designer from the West Bengal state. of India after your HS -This is a honest advice to students of the state of West Bengal of a 68 + years old academician and ex administrator and for long years Professor in pathology in State of West Bengal

The UPES as University, though it is a recognized  University by the University Grants commission or UGC ( UPES recognition letter came in the year 2004 and no further inspection was probably conducted from the UGC ,through application to UGC by the UPES ) under UGC section 22A, and 2 (f) ( but without any government financial aid) of 1956 UGC act, it doesn't probably follow any rules and regulations or guidelines of UGC ( so far this blogger's knowledge is now ) regarding its students class  attendance system , as per UGC norms in the hard copies roll call recording systems in a roll call book/ register book within class by teachers itself  signed by teachers or by the CCTV recording  system while classes are on or by log book for practical classes (rather UPES SOD has its peculiar own class attendance system of punching students identity card issued  by university authorities, in a  departmental machine  (called biometric attendance system that are meant by UGC for only teachers and staffs by UGC letters to all universities under it ) , The biometric machine which remain/ may remain  either defective, may remain non-functional for some days in any months, or a student  may not be habituated  expertise to punch his or her identity cards effectively or the Card may be lost and thus  biometric attendance of students may show any of you  students absent from classes and  it  may results deficiency in required classes attendance percentage for end semester, barring you students to appear in regular university end semesters examination ( if  and when a student attendance is less than 75% in general cases or with a medical certificate less than 67% as per their notices ) and make one student marked "F" / Repeat ie failed and make her / him bound to appear in supplementary examinations system with further payment of examination fees (presently of Rs 3500 for each subjects marked" F at present ) in each end semester results declared. UPES SOD  do not also follow UGC rules and regulations in university end semesters examinations system too ( UPES has its own peculiar regulations /guidelines for University end semester exam's and also in their own evaluation system of  declaration of each end semesters results and in  supplementary exam & no body ever knows whether that very their own examination rules and regulation which is being followed there, is  approved by the UGC./ NACC/ NIRF at all or not and they remain always silent or Mummed with that very question when asked officially in writing by students parents), in theirs faculty recruitment and faculties promotion system, ( as per UGC  guidelines 2022 of teachers eligibility qualification criteria) .The cluster HOD of fashion Design of School Of Design is a cluster HOD (who is just holding M Des degree from NIFT, without any UGC /AICTE recognized PhD degree-  surprisingly how she became an Associate Professor and cluster HOD  co Ordinator of university semester examination system for more than three times successively and surprisingly seems to be "all in all" in Power in SOD including are appointed as convener examiners in  all semesters of B Des, M Des and integrated M Des course in UPES ) and some faculty, including present cluster HOD may be in real vindictive moods  or in constant harassments attitudes towards some few/ some ones students from West Bengal state and make students from West Bengal often harasser using  some times very rude behavior, some times using abusing, insulting words,   making student (him or her)  mentally high level tortured, harrassed, even not allowing  to use laboratory works to complete practical ,projects of university semesters , make you students getting plucked and plucked and plucked in semester exams from 3rd semester onwards in multiple numbers subjects ( say total 14/ 15  subjects in 3rd, 4th 5th and 6th and seventh semesters, even in those subjects you have above 60 % even 83% class attendance in their biometric attendance system and you secured  good percentage marks in your internal assessments by other faculties and the same HOD who takes all  decisions alone regarding a student's fate in successful passing or getting supplementary, re supplementary, re re supplementary , put them in several times repeated supplementary and supplementary examination in many subjects in almost all end semesters (This is based on HOD notion and mood on a particular student ). Often HODs and  faculties don't co operate with students to finish students schedule works in time. These are  just to earn money from students / students parents with an dirty ulterior motive not to complete student his/ her course in sessions scheduled due time and forces students for extending times and years to earn more money and money beyond schedule sessions period for further deposit of tuition fees and other fees ( almost Rs 4.1 lakh yearly or more in two semesters in a year ie in two semesters in a year ) , often she causes mental ragging to a targeted student by HOD or faculty if you are most obedient , very honest ,perfect and remain timid and respectful in your nature which most Bengal students are .They do all these verbally without keeping any proof or not allowing you to take proof or record

The UPES is thus May  be considered as a worst private university  at Derhadun, in India and school of Design under UPES is an design institution just to generate revenue for UPES authorities and nothing else.  It's management is too poor.It's ranking 79 by NIRF government of India, but  that ranking is not for school of Design at all 


In The UPES,  university end semester examinations sem 1- to sem 8 ( they call it Jury ) controller of examination (COE ) office UPES  did never 

apoointed any external examiners as per UGC  guidelines and rules in subjects concerned examination (practical and viva exams. There is no theoretical papers in B des Fashion Design course ) from recognized institution of outside Uttarakhand state or instead of outside state externals, do not even appoint  two recognized internal examiners from others institutions of Uttarakhand State ( externals are highly necessary to make an unbiased results for students ) and here decision of the cluster Head of School of Design is final decision one there in all  eight university semesters exams, in all subjects ,( how is it possible beyond any ones understanding through out world ) regarding a students  fate for passing in grade A+ to C + or fail ( marked F or Repeat) and no other examiners often appointed from same department by COE office has probably any say over the HOD while in computation of results in final sheet ( how is that possible no one of UPES authority cares?? )and even if review of Marked "F "subjects papers in semester  results are applied for by the students or parents or guardian on behalf of students with payment (if applied with INR Rs 250 for each subjects reviewed) it is conducted by the same examiners of the same institute by COE office, declared officially by COE under his or her seal ( which are against UGC guidelines for examination and in review system of papers) and after reviewing marks remaining mostly unchanged to maximum number of students applied for review and in one or two cases students who once was marked "F" failed gets A+ grade(?) or A grade or B grade and that is also limited up to 2nd semester students .Rest remaining unchanged. Then why is review mechanism exist? Just To earn money from students??

 IN UPES a Master degree holder how can be promoted to Rank above Demonstrator or Tutor (without recognized PhD ( may be he/she completing PhD) as per UGC  teachers eligibility criteria 2022 and even  thesis /project guide or co oridinator of university Examiner?


The respectable  only Professor in SOD & Principal or Dean of School of Design UPES Dehradun, Honb Vice Chancellor of UPES, The Registrar of UPES or The COE of UPES or even the chancellor of UPES don't bother to give ever any official reply  or answers of students or their guardian / parents' official written complain / grievances email or letters  even if your guardian / parents send multiple official e-mails with documents attached there or post  hard copies of grievances with  attached documents by registered Post or by courier post received by them or submit their complain under seal of receipt of UPES ; even if  yours guardian/ parents'  complain or grievances e mail / letter are sent as" Demi Official letters "from your  guardian/ parents high ex- government officials ranks or present ranks ( may be Govt ranking and designation , may be semi govt ranking and designation of government or semi government or may be from others most respectable civil official  designation/ rank or  as parents of students or as guardian) they though receive letter, don't respond  verbally or officially, even they don't pick up yours or yours parents or guardian telephonic calls for any discussion on any issues against them. They  try to put all blames on shoulder of students if you ask  officially why such irregularities or vindictive attitude towards the students goes on there and why multiple time fails in the subjects happen and  they just hide their own faculties fault , rather becomes much vindictive towards the students by making him or her repeated failure in university semester exam . They forget that students parents are paying huge money ( almost 17-18lacks INR for BDes fashion design degree to purchase from a private universities and they are vender for it and students parents are consumer of final product the graduation certificate in schedule sessions period and the students and his or her guardian are paying to UPES university not the school of Design authority  students and their parents can easily go to consumer court asking for compensation even ,as it is a private University and degree are being purchased with huge money. Students parents may move to court of law for RTI, may move to human rights commission and all accreditation authorities of UPES university and school of Design at UPES


The UPES account office sent students or students parents or guardian  by email Letters for payment only their semesters fees, tuition fees, examination fees other fees in time and computer generated receipts of money

A totally business   private university UPES is . at least the school of Design


Please remember In UPES, SOD your and yours parents dream to make you a fashion designer with a BDes degree or MDes degree will turn ultimately a nightmare for both you and your parents. 

So my advice to you the students from West Bengal to pursue your BDes carrier in Kolkata based colleges  like in NIFT , in institution of ministry of textiles colleges, and if from private one ie from Amity University of Kolkata or SNU where complete course fees are less than 8 lacks never go outside West Bengal like in ARCH, Pearl , UPES etc to ruin your career  and money finally. It is better to persue general stream honors courses and masters degree from Kolkata colleges than to move to outer states in India for being designer or fashion designer


The authority of UGC, AICTE, NACC  NIRF etc must re check the faculties credibility, degrees, teaching experiences, to become at all a valid faculties there without any UGC/AICTE recognized PhD degree  as per UGC guidelines of 2022, to become even lecturer and next promotion of faculties and university semester examination systems, examiners selection system, teaching learning system, theory practical  viva system, infrastructures  etc before giving recognitions to courses of UPES Dehradun, bidhouli , Uttarakhand 



Saturday 8 April 2023

Microfinance Companies In India Are Not At All A Blessings It Is Rather A Big Curse, It Should Be Stopped Immediately By Law

Microfinance Companies In India Are Not At All A Blessings It Is Rather A Big Curse, It Should Be Stopped Im

This article already published 

1) Published in Elsevier SSRN group journals  under URL 

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4412233

And in E journal of Legal services india.com 

2https://www.legalserviceindia.com/legal/article-10805-microfinance-companies-in-india-are-not-at-all-a-blessings-it-is-rather-a-big-curse-it-should-be-stopped-immediately-by-law.htmlmediatelyBy Law

Thursday 30 March 2023

Blogs of Professor(Dr.) Pranab Kumar Bhattacharyya MD(calcutta.Univ) Pathology; : MICROFINANCE AND NON BANKING FINANCIAL COMPANIES I...

Blogs of Professor(Dr.) Pranab Kumar Bhattacharyya MD(calcutta.Univ) Pathology; : MICROFINANCE AND NON BANKING FINANCIAL COMPANIES I...:   


MICROFINANCE AND NON BANKING FINANCIAL COMPANIES IN INDIA ARE NOT AT ALL A BLESSINGS, IT IS RATHER A BIG CRUSE. IT SHOULD BE STOPPED IMMEDIATELY BY LAW

 



MICROFINANCE AND NON BANKING FINANCIAL COMPANIES IN INDIA  ARE NOT AT ALL A BLESSINGS, IT IS RATHER  A BIG CRUSE.  IT SHOULD BE STOPPED IMMEDIATELY BY LAW 

Author-:

Professor Dr Pranab Kumar Bhattacharya 

MD (University of Calcutta) Fic Path , WBMES (retired)

Ex Retired Professor and Head, Dept. of Pathology department, Calcutta School of Tropical Medicine, 108,C.R.Avenue, Kolkata -700073, West Bengal, india

Department of Health and Family Welfare  (WBMES wing)Government of West Bengal Equivalent officiating Rank retired -: "Special Secretary " to the Government of West Bengal

Ex- Principal of JMN Medical College, JMN Educational  and Research Foundation, Chakdaha, District- Ranaghat ,West Bengal India 

At present - (since 6.02.2023): Posted as 

Professor and Head of Pathology Department ( every year renewal contractual but full time),

JIS School of Medical Sciences and Research ( under JIS University , Nilgange, Agarpara,  24 parganas North )santragachi, Howrah District, West Bengal

Residence -:

Mahamaya apartment, Block -B, flat 3, 2nd floor ,Mahamayatala, 54 NSC Bose Road, Post office- Garia , Kolkata 700084, West Bengal india

Email profpkb@yahoo.co.in( mostly used) 

prof.pranab@Gmail.com  

whatsapp & mobile -: 9231510435.

This article already published

1) Published in Elsevier SSRN group journals  under URL 

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4412233

And in E journal of Legal services india.com 

2https://www.legalserviceindia.com/legal/article-10805-microfinance-companies-in-india-are-not-at-all-a-blessings-it-is-rather-a-big-curse-it-should-be-stopped-immediately-by-law.html


MICROFINANCE was once meant to lift people (basically women) to bring  out of poverty, but many  women ultimately saying today , it's become rather a curse for their life , Wolf  for many indian citizens, specially  for poors, economically week  sections citizens ,( illiterate , semi illiterate people, job less people,  small/ smallest scale business enterprise people,marginal firmers, marginal people, small grocery shopkeepers and for startup small business people, street hawkers , daily wage labourers, small traders )  and they must be  much more cautious about evil effects of  accepting /  taking any  microfinance  loans personally or and on gosthi basis any usurious private loans from various Financial NGOs, companies,  Non Banking Financial corporation ( NBFC) / organisation/ any usurious private loan providers companies ( registered under company act 1956 or on section 8 of 2013 company acts ) who don't possess proper Reserve Bank of India's ( RBI) permission papers for doing money lending business in any state of India including in West Bengal as like "Bandhan Bank" in West Bengal ,"Ashirbad Microfinance Ltd , "Nigam Sudha Microfinance Ltd " ,"Progoti Microfinance company Ltd," " Lokenath Trusts",  "Dishari', "Swayam Krishi Sanstha" ,"Janalakshmi Financial Services", "Ujjivan", "Adani Financial Services",  "Small Finance Bank", "Utkarsh Small Finance Bank", "Arohan Financial Services", "Fusion Microfinance", "Equitas", "Small Finance Bank", "Grameen Koota Financial Services", "UGRO Financial Services". "ASA international India microfinance Ltd ",  "Sarala" ,"Mohor, "SKS Microfinance Ltd", "Village", "Share Microfinance" "Annapurna Finance" ," SKS microfinance, Utkarsha small finance Bank ' ,etc etc for some examples ( there are about 96 or more Microfinance institutions operating in India and 35,473 NBFC companies in India with or  without RBI permission to carry on money lenders business as up to 2013 records and 46 MFI companies working in state of West Bengal )  and many such MFI / NBFC are  operating  presently  in  the West Bengal State of India and in other provinces of  India too. Microfinance institutions or MFI can be set up with minimum Rs 5 cores capital ( to be deposited with RBI) and they can lend money when one borrower's household annual income is maximum from Rs 1,20,000 to Rs 300,000 INR  and maximum limit of such loans must be 50% of monthly household income once ,as per Reserve Bank of India guideline 1st April 2022 ( memo no DoR.FIN.REC.95/03.10.038/2021-22 dated 14.03.2022)  and interest rate must not be more than 20% per year ( ie  if a borrower take Rs 20,000/ as loan, he or she will pay monthly Rs 970/ in 24  instalments including both Principal amount and interest amount loan as per annexure II of para 6.3 of RBI guidelines order dated 14.03.2022, mentioned above )  and they must have licence from RBI as permission to operate as non Banking money lenders. MFI or microlenders  may take loans from Nationalised Bank and they pay 14% maximum interest for their loan per year. Those money lenders, either MFI or NBFI companies or usurious private money lenders are illegal by Indian  laws ( without RBI permission or registration and not following RBI guidelines)  and to be informed to local police by General Diary or by FIR  if operating in a local area Village by villagers or by person who takes such illegal loan from them . 

Since 2017 onwards,Microfinance companies without RBI licence  are mushrooming in West Bengal state  (in urban areas, semi urbans,in rural villages) , putting poor  and marginal  people in life long distress and trouble, damage, irreparable loss to family providing them loan ( say for  50,000/INR a time  ) but  with huge illegal percentage interests on weekly or monthly basis ( interest rate of MFI/ NBFC microlenders  varies from  30% to 200%  yearly ,or weekly or monthly instead of yearly and  that the Indian laws does not ever permitted such illegal money lending to any borrowers with that very high interest charge beyond RBI guided interest level ( less than 20% yearly interest maximum for registered MFIs )  for microfinance company ( on yearly basis but never on weekly or monthly basis ) Maximum Microfinance companies have thus  today mutated ''to become rather big exploiters of man and woman in society to make their cores and cores of money as their profit,  exploiting poor of the poor by their usurious interest rates, providing multiple loans through gosthi ( collection of poor women or men in a group ) given  to  a borrower without due diligence, lack of transparency, RBI regulation and use of coercive methods for recovery by threats, creating nuisance in front of house,  or filing court  suits as a frauds or a defaulter or not following their company conditions of loan repayment" ( as per RBI rules 2022, all Recovery Agents ( RA) must fullfill the laid down criteria stated in clause 7.5.1 to 7.5.5 along  with local police verification identity and permission for recovery of loan from borrowers and other wise thet can not be appointed as field workers or RA) . They often get signed borrowers with their husband in white paper as their company documents and a notebook of taking and paying loan , kept with them( but never with borrowers). Thus a borrower never knows how much of the principal loan and how much of  principal and interest they cleared of their taken loan and they are in loan debt trapped . 

In my opinion ,and in many civilised conscious people opinions , these all microfinance companies are  really a big  curse toward poor socioeconomic class people who are/ were however in need of cash money to run or to help their family' for emergency medical treatment, to run a small  business, from where they earned their previous livelihood,and they took loan  under toughest situation, they faced during COVID -19 periods of State/ pan India lockdown ,they were bound of taking loan with very high percentage of weekly interest  personally or through forming  gosthi of 25/ 40 illiterate or semi illiterate married women and poor men or to those and these company' s salaried field agents or dalal completely misguided  these needy  people or their less educated/ less intelligent wives , children  (whose house men  lost their service and or faced loss in their small business or in cultivation during the covid pandemic period of 2019 November to 2022 December or experienced loss in the business and cultivation) about the false benefit of microfinance or gosthi loans.  These microfinance companies thus making lured to these people of urban, suburban, villages people of West Bengal/  india to take easy loan with very high unusual interest rate (>25% to 35% yearly and  120% to 200% monthly interest rate by usurious money lenders (reference no 5 ) and when covid 19 is now almost over in 2023,  market opened ,these microfinance companies salaried people/  Recovery agents/ Dalal kicking doors  giving huge pressure, threatens  to persons/ family members who took loan ( borrowers)  from their companies by  himself/ or by herself name ( later bounded to draw loans in names of others members ie within gosthi peoples) and then from outside loan providers and as a result it became vicious cycle for them to take continuous loans after loans from neighbours and these people are moving around paying interests of such loans only  but never the principal amount of loan  they borrowed .  Ultimately they are selling all their minor assets including wedding gold , even utensils and facing domestic violences etc  " …I  had to sell off  my wedding ornaments, my 20 years old unmarried daughter's gold ornaments, keeping on taking loans after loan to pay only interest part from one to another private money lenders to clear up my MFI loan interest- Mrs Swapna Bhattacharya -wife of Ritwick Bhattacharya  -  a married 48 years old women,- mother of a 20 years old daughter,  a woman borrower of residence-  Purbapalli Village , Post office- Sodepur , District -24 parganas (north ) ,PS -Khardha,Kolkata -110,  says me with a sad smile and next  bursting into tears  . " ….I had to take microfinance loan ( RS 60,000/INR) first  from Bandhan Bank , then from  Ashirwad Microfinance Ltd  , first time in 2019 Oct with only knowledge of my husband Ritwik,  but others  members of my in laws family were in total darkness, after being members of a ( 22 married women group) gosthi of our locality "Bankimpally " at, Sodepur ,under  Panihati municipality constituency ,being lured for easy to get loans and being highly convinced by field agent's of Bandhan Bank and Ashirwad Microfinance Ltd in sodepur and khardah, panihati and by gosthi members,  to feed and  for medical treatment purpose of my 84 years old mother ( Mrs Shanti Adhikari ,wife of late Anil Adhikari,  who is living alone  )  and to support and look after my two younger sister's (Savita Chakraborty wife of krishnendu chakrabarty &  Bandana Dey wife of late Raju Dey ) family, during lock down periods of COVID- 19 ( 2019 -22)  and to meet up MFI company's interest, i had to borrow loan successively from Mr. Tapan Saha of Loknath Trust ,Mr .  Chandan Saha of Nigam Sudha Microfinance Trust , Unity Welfare Society , Progoti , Beraberi Deshari, jiban Utthan Microfinance Ltd  operating ( I didn't knew that these MFI / NBFC companies / usurious money lenders are illegal money lenders  companies by laws  without RBI permission to operate in field )  operating in Sodepur , 24 parganas( north) ,Kolkata-110, West Bengal. I am now a debt trapped woman of around Rs 14 lakh INR . My husband Ritwik Bhattacharya of same address  with B.Com ( Calcutta University) degree ,50 years old ( he suffered in 1999 to 2005  from bipolar psychiatric illnesses- schizoid bipolar mood disorders  and was treated at Institute of Psychiatry at SSKM hospital Kolkata -20, with antipsychotics drugs lithium,risperidone , valproate, SSRI  drugs by his eldest MD doctor brother )  also was trapped and did loan from others non financial banking companies/ organisation when in 2020-2021 his small trade a start up business units ( within our home premises as his rehabilitation program -once set by his eldest doctor brother for him  to sustain our life and to get him engaged in working) run in losses during the COVID -19 pan and partial lockdown period in 2020 March to 2022 October and  he had to pay salaries and  bonus to his four marginal labours in lock down and compensation money settlement to a labour for loss of part of his index finger in a sudden machine accident, etc, though he could not sell his finished products in local markets for covid 19 lockdown and his loan status to these NBFC  companies now reached to another Rs 10 lakh ( as he stopped EMI since 2020 and now he has been summoned by court of laws for a settlement on 20th March 2023 ) . We both are now in great financial trouble for MFI and NBFC loans as their recovery agents and recovery field workers are almost daily knocking the door and we became ill doing overworking both day and night times since October 2022 to repay the loan . What I realised  now that we did a great blunder in our life ,trusting the field agents of Bandhan Bank and Ashirbad microfinance ltd  trusting that Microfinance loans are helping  for empowerment of poor women and their families . Rather it is a big curse for poor families.  I had to sell our kitchen utensils , all machines Ritwick purchased for his business and sometimes I had to deny our  food for days, unless we had some kind of monthly financial support of Rs 23,000/ per month from my husband's eldest brother-, a MD Pathology doctor by his profession ( now a WB  state govt. pension holder ) to feed us by sending his bank interest part of money ( he had as his superannuation benefits in march 2021), to sustain our life , so that we can make these loan repayments …." . 

And I had to steal average rupees 8000, to 10,000 since 2020 onwards even from his sent  money too, to pay up interest to personal private money lenders through my sister's , without knowledge of any one in my in-laws house. A great sin i had to do to meet up loan interest 

There are many such stories ( at least 54 studied cases by this author) with me in Kolkata, Howrah , Coach Bihar ,Nadia, North 24 Parganas, South 24 Parganas, Murshidabad ( ref no 12) , Nadia, Jalpaiguri districts of West Bengal state . 

Microfinance was once meant to lift up people out of poverty, but the women of Howrah, (  in Shibpur Constituency ( ref no 3) ,in Panihati constituency,  in Beldanga Village  of East Burdwan  ( reference no  10) say it's become now a big curse for many families even of entire village , who are in microfinance or NBFC debt Trap 

This city, West Bengal, has been overrun by loan agents/ field workers from India's illegal Microfinance or NBFC industries . In the real world ,instead of women getting empowered MFI are causing them in life trouble from microfinance companies,  because there is no system of finding out whether beneficiaries have also taken loans from other MIF institutes or private usurious loans to clear up their loans. So the borrower goes on taking loans after loans  from one institute to others or from personal/  private illegal usurious  money lenders with very high interest.They are bound to do that.  Then they are falling into severe debt traps of 15 to 20 lakhs for say only 1.2 lakh / INR loan from a microfinance company from Ashirbad or Bandhan Bank . This author have personally seen some people changing their addresses overnight, absconded, attempting suicide by various means , selling their all  properties to get rid of these debts .He saw microfinance loans are root cause of domestic violence between husband and wife also . The microfinance companies give loans mostly to married  women. Most of the married women must be at loggerheads with their husbands to repay the loans. This gives rise to domestic violences and injury, even head injuries . 

 From the study at grass-root level , this author  personally felt that very few people had actually benefited from this initiative of microfinance loan in the Indian context . It is rather  few trillion dollar business of companies based on poor families of india who needs cash money 


Below are a few examples of what happened for microfinance loans that destroyed families. Most of these microfinance companies are not however  licensed or registered  or have permission under Reserve Bank of India for operating their  business in a state  which is mandatory ( except Recently  Utkarsha microfinance , Bandhan Bank after deposition of 500 crores. Bandhan however started its business with 2 lakh INR and three staff  in 2009 as a small MFI unit  and now owner of 10 thousands of crores INR loan  and where from that huge profits came to Bandhan Bank owner Mr Chandra shekhar Ghosh? )  and  doing all illegal transactions of money with NGO licence or NBFC licences under section 8 of company act 2013 or under 1956 company act  which do not permit for money lending business in India.

West Bengal is one of the top five states in India in terms of the gross loan portfolio and out of ten districts with high amount of loans, nine—North 24 Parganas , South 24 Parganas, Murshidabad, Jalpaiguri, Nadia, Bardhhaman, Hooghly, Howrah and Cooch Behar— are from West Bengal where these microfinance companies operate through their  salaried feild people or agents  field workers , targeting illiterate  semi literate poor married women of any locality in the name of social or families welfare women empowerment women upliftment with their loan through a gosthi system of 12/25/40 women.

According to a report published in Business Standard, “In its state-wise ticket size and macroeconomics analysis, the agency said it has observed that the average outstanding per unique borrower is the highest in States of West Bengal and Assam, and this has been the case at least for the past three years (2019-2023)”. It also reports that “40-50 per cent of the microfinance loan portfolio in both Assam and West Bengal are from one or two institutions. (sic, Bandhan, Ashirbad )” And it indicates the monopoly of 2/ or 3 institutions in the microfinance sectors.

Tamil Nadu State has displaced West Bengal to emerge as the largest State in terms of the outstanding profit portfolio of microfinance loans. According to MFIN Micrometer Q4 of FY 2021-22, a quarterly report published by Microfinance Institutions Network (MFIN), the gross loan portfolio (GLP) of Tamil Nadu was as of March 31, 2022 stood at ₹36,806 crore. It was followed by Bihar (₹35,941 crore) and West Bengal (₹34,016 crore). At the end of Q3 of FY2022, West Bengal topped the chart with the highest outstanding profit portfolio of loans at ₹32,880 crore, followed by Tamil Nadu (₹32,359 crore).

The top 10 States (based on total microcredit universe) constituted  82.4 per cent of total GLP of the industry. West Bengal was followed by Karnataka, Uttar Pradesh and Maharashtra. According to the report, around  64 per cent of the microfinance portfolio is concentrated in the East, Northeast, and Southern regions of India.

The 41st issue of the Micrometer report said the microfinance industry served 5.8 crore unique borrowers, through 11.3 crore loan accounts. The overall microfinance industry has a total GLP of ₹2,85,441 crore as of March 31, 2022, an increase of 10 per cent year-on-year (YoY) from ₹2,59,377 crore as of March 31, 2021. 

Lender-wise distribution of microfinance loan-:

Lender-wise distribution of micro-loans shows that 12 banks held the largest share of the portfolio in micro-credit with a total loan outstanding of ₹1,14,051 crore, or 40 per cent of the total microcredit universe. NBFC-MFIs are the second largest providers of micro-credit with a loan amount outstanding of ₹1,00,407 crore, accounting for 35.2 per cent of the total industry portfolio. Small finance banks (SFBs) have a total loan amount outstanding of ₹48,314 crore, accounting for 16.9 per cent, followed by non-banking finance companies (NBFCs) at 6.9 per cent share. Other MFIs account for 1 per cent of the universe. 

The report noted that the proportion of NBFC-MFI portfolios in the universe portfolio increased by 4.1 per cent to 35.2 per cent as of March 31, 2022, though banks continued to be the main contributors. The geographical distribution of the portfolio also witnessed a change with a decrease in the share of the east and northeast region of India by 3.3 per cent, while the share of the south and north regions increased by 1.3 per cent each.

“The microfinance industry has shown good progress during Q4 of  FY2022, building on the momentum profit  created in Q3. The portfolio quality has improved significantly as compared to the end of Q1 FY2022, when the second wave of Covid-19 had caused widespread stress across the country,” Alok Misra, CEO & Director, MFIN said, in a statement. “The announcement of harmonised regulations for microfinance, near normalisation of collection efficiency and recent verdict of the Supreme Court stating that NBFC regulation is under the sole purview of the RBI are hugely positive trends, which will see good growth in 22-23,” he added. 


Several previous studies conducted all over the world  concluded,  where microfinance has been applied, showed that microfinance companies' microcredit loan was not as effective as it was expected in getting poor people and their families out of poverty . Rather it submerged many  family members in tremendous financial curse and destroyed  families who took MFI/ NBFC / private loans .  According to the American Economic journal: applied economics; microfinance benefits were rather oversold to the public in relation to their risks, in India, Bangladesh. The research on psycho-social impact on microfinance was not given  however enough attention, instead the get out of poverty quickly get a loan to run a small business project was overemphasised, such that negative repercussions of MIF loans  were unforeseen.Therefore according to this author  microfinance seems to benefit more to the givers of loan ( ie owner of the MIF companies)  than to the receivers or borrowers . Many people who have evaluated the impact of microfinance have based it on( ?)financial success , not its social, familial and psychological impact i.e. the pressure of work individuals are under to ensure they pay back the interest of loan. Not enough assessment is done to ensure balance in recovery as it undermines emotional trauma and pressure. Introduction of debt to those with a stable income is such a burden; now imagine introducing debt to vulnerable, overwhelmed individuals facing masses of challenges such as food security and uncertainty. The impact can only be estimated as devastating.


If this author looks back  at past in 2010s in Hyderabad, Andhra Pradesh districts 30 to 45 pepole committed suicide due to microfinance loans, due to coercive method of repayment of microfinance loan by MFI .These suicide were reported from different districts of Andhra Pradesh within 45 days from January 2010 . The story was that MFI companies charged exorbitant interest on the principal amount and borrowers were caught in a situation where they were forced to borrow from another money lender to repay the existing loan . The borrowers were caught in vicious cycle of loans which they can not repay this forcing them to end their life (Ref no 11)

From West Bengal,in 2021, Mr Sadhan Sinha 40 years old (who used to  earn Rs 15000 to 2000 a month) of Bindupara Village of Murshidabad District ,West Bengal ( Ref no 4, 6) is another victim example in 2021. He  took a loan of Rs 1 lakh from a MIF operating in murshidabad and had been unable to pay his monthly instalments of Rs 3,400 for May and June 2021 and he begged for a few days’ time but recovery agents did not listen. The recovery agents sat down outside the house, using abusive languages and saying they would not leave without collecting the dues. "...My husband felt so humiliated that he killed himself…,” said  weeping Mamoni, mother of two sons, aged 18 and 15.( Ref no 12) Sadhan’s decision to take the loan in January 2021 and his subsequent suicide underline the fact that how millions of ordinary Indians were taken unawares by the covid- 19 pandemic’s second wave, blamed partly on the central government’s short-sightedness in prematurely declaring victory over the virus and letting its guard down.The Reserve Bank of India however  tried to give all kinds of loan  borrowers relief by instructing all banks and all financial institutions to consider a debt recasting, provided EMI dues have been cleared before February 2020 ie before the first state or pan India lock down anounced for COVID-19 by government. But, as Mr Sadhan’s death suggests, not every borrower had access to the relief by these MFIs companies, only because of lack of knowledge and information ,as they are mostly less educated and poor people. While the debt recasting is a prerogative of  banks or the micro finance  companies or NBFCs , the problem is that most people who are in dire need of the facility don’t know about RBI directions on this issues 

There was relief to those borrowers who had opted for loan payment restructuring under the RBI scheme as well. The RBI permitted the MFIs ,NBFCs ,Banks and to all lending entities to modify the plans of repayment of loans and increase the moratorium period minimum by another minimum two years with minimum EMI .The RBI said that after all MFI,NBFC  banks ,receive a restructuring proposal from any  borrower to repay principal loan, they must have to take a decision on the application of borrowers within 30 days and  in favour of borrowers. This will happen when the lending institutions and the borrower will agree to work out a resolution plan according to the capacity of borrowers to repay the loan after maintenance of his family at minimum daily wages he or she earns.  After this, the resolution plan must be finalised and implemented within 90 days from the date of invocation( ref 13)  

Debt may be good but never in the state of indebtedness! It has both qualitative and quantitative implications. Propensity to debt, especially “indebtedness” is a matter of big concern. Impact of indebtedness varies both in degrees and dimensions. The state of being in debt (indebtedness) covers both personal and behavioural finance and is blended with positive and negative outcomes. On the minor positive end , people who have easy access to money to debt from the bank MFIs may have some chances for temporary financial wellness, provided the money is used for productive , gain business. The negative outcomes  of money lending are desertion, huge distress and depression of the indebted consumers. Many times, such incidence results in forced migration as observed in the cases of absconding. The extreme end of indebtedness leads to suicidal tendencies often culminating at self-killing! Such unpleasant incidents potentially affect the present as well as the future of a person. Sometimes the shock of indebtedness cascades down to a couple of generations. Recent agitations of the Tamil farmers, protesting for the announcement of a drought relief package and loan waiver, are evidences to what debt-distress is and what it can do!(14) 

Conclusion -: 

In conclusion, to me  and for Poor's , job less people , illiterate, semi literate people, people of urban, semi urban, rural villages  MICROFINANCE COMPANIES  IS NOT AT ALL A BLESSING IT IS RATHER  A BIG CRUSE.  IT SHOULD BE STOPPED IMMEDIATELY and MFI company owners/ their agents  ( Money landers )  to be punished  for illegal money lending to borrowers with exorbitant high interest rate beyond nationalised  bank interest rate or RBI Bank interest rate fixed for Microfinance registered companies with RBI  .Government of West Bengal  and Govt of India should take interest  in sensitising  people about the curse of microfinance loan  otherwise the poor people will go more poorer and borrower families will be destroyed.



References_: 

 ( URL to read on curses of microfinance loan to the society at large through out india)


  1. Moumita Alam "Microfinance debt trap exploits Bengal villagers" People's  Review Friday June 25021

https://www.peoplesreview.in/economy/2021/06/after-chit-fund-scams-microfinance-debt-trap-exploits-bengal-villagers/ 


  1. BL Chennai  bureau "Tamil Nadu pips West Bengal to become the largest State in terms of outstanding microfinance loan portfolio" The Hindu business line June 15,2022

https://www.thehindubusinessline.com/money-and-banking/tamil-nadu-pips-west-bengal-to-become-the-largest-state-in-terms-of-outstanding-microfinance-loan-portfolio/article65529419.ece 


  1.  Muskan Web Top 10 Microfinance in West Bengal December 17 2022

https://www.muskanweb.com/2022/12/top-10-microfinance-in-west-bengal.html 


4)https://www.newsclick.in/West-Bengal-Sharecropper-Dies-Suicide-due-Microfinance-Debt-Many-Affected-Loans 


5) soutik Biswas India's micro-finance suicideepidemic BBC News Medak Andhra Pradesh 16 December 2010

https://www.bbc.com/news/world-south-asia-11997571 


6)https://www.ijser.org/paper/Microfinance-A-blessing-or-a-cruse.html 


7)https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8250239/ 


8)https://www.muskanweb.com/2022/12/top-10-microfinance-in-west-bengal.html


9) Microfinance - A blessing or a cruse

International Journal of Scientific & Engineering Research, Volume 4, Issue 7, July-2013 345ISSN 2229-5518IJSER © 2013 http://www.ijser.org


10)sandip chaudhury West Bengal Share croper dies of suicide due to microfinance debt ,many affected loans News click 22nd February 2022 https://www.newsclick.in/West-Bengal-Sharecropper-Dies-Suicide-due-Microfinance-Debt-Many-Affected-Loans


11) Thirty commits sucide in 45 days to escape microfinance agents The economic Times  Oct 15 2010


12)Alamgir Hossain 'Plumber dies by suicide as EMI collection agents squat outside" samsergang in murshidabad The Telegraph 24.06.2021

https://www.telegraphindia.com/west-bengal/plumber-dies-by-suicide-as-emi-collection-agents-squat-outside-at-a-murshidabad-village/cid/1819882# 


13) special correspondent "RBI re-opens one-time debt restructuring scheme for individual borrowers "The Telegraph 6.05.2021

https://www.telegraphindia.com/business/covid-rbi-re-opens-one-time-debt-restructuring-scheme-for-individual-borrowers/cid/1814669# 


14)Pattnaik, Debidutta, Indebtedness – From the Perspective of Commercial Microfinance in India (July 28, 2017). Available at SSRN: https://ssrn.com/abstract=3010244  or http://dx.doi.org/10.2139/ssrn.3010244 


Published in E journal of legal services in India


https://www.legalserviceindia.com/legal/article-10805-microfinance-companies-in-india-are-not-at-all-a-blessings-it-is-rather-a-big-curse-it-should-be-stopped-immediately-by-law.html



Published in vernacular ( Bengali language ) in a daily Bengali news paper published from Kolkata named "Duranta Barta " published serially on its page no 4

27.03.23,( first part)

28.03.23( second part )

on 1.04.23( 3Rd part )

4th part (fourth part) on 5.04.2023,

5th part ( fifth part) on 06.04.2023

6th part ( sixthpart ) on 9.04.2023,

7th( seventh part on 11.04.2023

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