Black Listed Areas in Mumbai for Banks

Good information about Black Listed Areas in Mumbai for Banks. Why sometimes it takes time to get loan sanctioned.

While on the topic of loans, it was a revelation to know that getting a loan depends to a large extent on the address that you mention and the community to which you belong. Though this is not a rule mentioned in the books of the banks, it is an unwritten rule and most of the employees are made aware of it.

Banks have demarcated zones – white, grey and black. “White” means sanctons come immediately, “grey” means the bank asks for some additional background data and “black” as the name suggets, loans are refused.

So who comes into the black zones? Mainly slums and low-income neighbourhoods. StanCharts list includes slums such as Dharavi, Cheetah Camp, Govandi and Malad’s Squatter Colony. It also includes areas with chawls (irregular low-rise colonies) and other low-incomes housing such as Worli’s BDD chawl, Byculla’s Dagdi chawl and several fishing villages and fishermen’s colonies. Deutsche Bank’s list includes Ghatkopar’s Ramabai Colony, Jogeshwari’s Radhabai chawl, Mumbai’s red light areas of Falkland road and Kamathipura. It has 90 blacklisted areas. ICICI Bank’s unwritten black list includes Dharavi, Kidwainagar and Sewree in Mumbai, and Gomtipur and Asarva in Ahmedabad.

And in this day of aggressive banking, where every street corner seems to have a bank, Abhyudaya Co-operative Bank was the only one to have a branch in Dharavi for 21 years until Indian Bank op-ened a branch there a year ago. Bombay Mercantile and Kokan Mercantile are two other banks there. There are the other banks like ICICI and Stanchart but with them, it is easy to deposit money, no question of getting loans sanctioned!
Thanks S.P.Tulsian