Number of private money lenders in Maharashtra goes up

Private money lenders seem to be doing well in Maharashtra with their number in the state increasing from 7,636 in 2010 to 8,323 in 2011,according to the state Economic Survey released recently.

As many as 1,331 new licenses were issued in 2011 as against 1,184 in the previous year,allowing private money lenders to disburse loan to individuals,the survey said.

Licenses of 7,292 lenders were renewed and 303 were cancelled last year,it said.

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There were 6,77,165 people including traders,non traders and cultivators who had taken loans from private money lenders last year to the tune of Rs 851 crore.

The money lenders had disbursed Rs 479 crore in 2010 to 5,55,018 loaner members,the survey said.