Despite government schemes promising financial inclusion, a large section of low-income families find themselves denied loans by mainstream banks. With no other option, many turn to microfinance institutions (MFIs) and non-banking financial companies (NBFCs). In states like Tamil Nadu, Karnataka and Andhra Pradesh, reports have repeatedly flagged the link between coercive microfinance recoveries and borrower suicides. Regulators have issued guidelines, but enforcement remains weak, and powerful NBFCs continue to expand their reach. In this week’s In Public Interest, TNM’s Shabbir Ahmed speaks to Thomas Franco, former General Secretary of the All India Bank Officers’ Confederation, on how banks are pushing vulnerable citizens towards MFIs and NBFCs, why regulatory safeguards have failed, and what can be done to stop predatory lending from destroying lives.