While the aspirational middle class is rising and is now open to spending and consuming more and more, it is happening on the backs of debt. A recent survey has shared alarming data of how over 68% Indian borrowers are under debt trouble, with several reports emerging recent about how families or individuals are taking the extreme steps of ending their life after not being able to pay loans. Amid all this, a possible solution to deal with this ever-growing headache could lie in Indian Bankruptcy Code.
A worrisome pattern observed is how Indians are serving their older loans by opting for new loans. RBI had also cautioned against such stress from the consumer credit segment spilling over to secured loans after its assessment showed nearly…
