Loans disbursed by private money lenders in Maharashtra saw a 40 per cent increase as compared to previous financial year, according to the economic survey report for 2016-17. The state has allowed private money lenders to provide loans to individuals. For this purpose, licenses are issued by the office of the commissioner for cooperation and registrar cooperative societies.
The loan amount disbursed by private money lenders was Rs 1,254.97 crore as compared to previous year Rs 896.34 crore which is a 40 per cent increase, the report said. As per the information given in the report, the number of license holder money lenders was 12,208 in 2016 as compared to 12,022 in 2015.
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As many as 1,947 new licenses were issued in 2016 as compared to 1,589 in the previous year. The number of renewed licenses were 7,725 as compared to 7,852 in the previous year. Loanee members which include traders, non-traders, cultivators in the year 2016 were 10,56,273 as compared to 7,04,452 in the previous year.