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| Research on Metro Accessibility, Digital Lending and Progress Against Mis-selling |
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| Dear Moneylifers, |
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 Many of the Foundation's initiatives begin with issues repeatedly raised by readers and members through our helplines, counselling sessions and interactions. Some lead to research studies, others to advocacy with regulators and policymakers. This month, I am pleased to share a different type of study. It is on Mumbai's showpiece, Metro Line 3 or what is known as Aqua Line. Those of you who have attended out counselling session know that the Prabhadevi station is right outside out office gate. So the line is a boon – but shouldn't a brand new project, built with the next 20 years in mind have thought through the issue of accessibility? |
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| We have some suggestions to make it better and we hope the government is in listening mode. It can only make Mumbai better! More about this later. |
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| We are also on the verge of completing another serious study triggered by a harrowing set of requests seeking debt counselling guidance. A deep dive into the practices of digital lenders was warranted and the findings are turning out to concerning. |
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| Finally, we are happy that the Reserve Bank of India (RBI) has moved a few inches forward on curbing financial mis-selling. It's recent directions are a step forward, but still short of making banks and finance companies fully accountable. Yet, they are a big step forward on an issue that Moneylife Foundation has pursued for more than a decade. |
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| An Accessibility Study of Mumbai's Metro 3 |
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| The Metro Line 3 represents a significant addition to Mumbai's transport infrastructure, the experience of using it can vary considerably depending on age, mobility and physical ability. Our study examined how accessible the system is for everyday commuters, particularly senior citizens, persons with disabilities, families with young children and travellers carrying luggage. |
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| As part of the project, the Foundation worked with two interns from Ashoka University – Agamya Jain and Mihika Omseema. They conducted a comprehensive assessment of all 27 Metro 3 stations, including detailed mapping of lifts, escalators and stairways, commuter surveys, expert interviews, a user-survey and an analysis of the challenges faced by users while entering, exiting and navigating stations. |
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| Key findings include: |
- Significant gaps in accessibility between street level and station concourses.
- Limited availability of downward escalators at station exits.
- High stair burden at many exits, particularly for senior citizens and persons with disabilities.
- Poor wayfinding and inadequate information on accessible routes.
- Weak last-mile connectivity emerging as the single biggest commuter concern.
- Additional accessibility challenges for airport travellers carrying luggage.
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| The report is now available on our website and can be downloaded here: Study On The Accessibility and User-Friendliness of Mumbai Metro Aqua Line (Line 3). |
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| We also intend to share the report with the Mumbai Metro Rail Corporation (MMRC), relevant government authorities and other stakeholders, with the hope that the findings will contribute to making Mumbai's newest Metro line more accessible for everyone. |
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| An Important Step Against Financial Mis-selling |
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 Last month brought an important regulatory development that has special significance for Moneylife Foundation. After years of documenting cases of financial mis-selling, highlighting the experiences of affected customers and pressing for stronger safeguards, the Reserve Bank of India (RBI) has issued a comprehensive framework aimed at curbing the mis-selling of financial products by banks. The new directions prohibit forced bundling, dark patterns, unsuitable recommendations and aggressive sales practices, while requiring banks to obtain explicit customer consent and strengthen customer protection. (Read: RBI Cracks Down on Mis-selling: Banks Barred from Forced Bundling, Dark Patterns and Aggressive Sales Tactics). |
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| For the Foundation, this development marks an important milestone in an issue we have pursued consistently for more than a decade. Our work on this issue gathered momentum in 2013, when we highlighted the remarkable one-man protest of 79-year-old Mangelal Sharma, who discovered that money he believed had been safely invested by his bank had instead been placed in an unsuitable mutual fund (Read: Will this 79-year old's protest move the government and the RBI to stop mis-selling by banks?). His determination eventually helped him recover his money. More importantly, his case drew wider attention to the growing problem of banks pushing third-party financial products without adequately considering the interests of customers. |
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| That same year, we submitted a memorandum to the RBI on behalf of our members, urging stronger action against mis-selling by banks (Read: Memorandum to RBI on Mis-selling by banks). Since then, through our reporting, counselling sessions and sustained advocacy, we have continued to document cases involving unsuitable insurance products, wealth-management abuses, portfolio churning and aggressive sales practices, particularly those affecting senior citizens and other vulnerable customers. |
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| RBI's new framework does not solve every problem, but it is a significant step towards placing customer interest ahead of sales incentives. It is also a reminder that meaningful reform rarely happens overnight. It comes through years of evidence-based advocacy, public participation and sustained engagement with policymakers and regulators. |
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| Studying the Growing Debt Trap of Digital Lending Apps |
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 Over the past year, the Foundation's credit counselling initiative has witnessed a sharp increase in the number of individuals seeking guidance on debt-related issues. A significant proportion of these cases involve app-based digital lenders, with borrowers trapped in cycles of multiple loans, exorbitant interest rates, opaque charges and mounting repayment obligations. Many have been compelled to borrow repeatedly simply to service existing debt, highlighting growing concerns about lending practices and the adequacy of safeguards for borrowers. |
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| Recognising that these are not isolated incidents but part of a broader and rapidly expanding problem, the Foundation initiated an internship research project to systematically study the digital lending ecosystem. Drawing on anonymised case records received through our credit counselling sessions, the study analyses lending patterns, borrower distress, app-based lending practices and the regulatory framework governing digital lending. It also seeks to identify recurring concerns such as loan stacking, unsustainable debt burdens and possible gaps in creditworthiness assessment and consumer protection. |
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| The study is now in its final stages and is expected to be released shortly. Once published, the report will be made available on the Foundation's website for the benefit of members, researchers and the wider public. The Foundation also intends to share its findings and recommendations with the Reserve Bank of India, the Ministry of Finance and other relevant regulatory and policy authorities, with the objective of encouraging stronger safeguards, greater transparency and more responsible lending practices in the rapidly evolving digital lending space. |
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| Recent Videos You May Have Missed |
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| From debt traps and cyber security to markets and public affairs, here are a few recent videos from Moneylife that may be of interest. |
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| Stay Connected – Join Our WhatsApp Channel! |
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| We've launched an official WhatsApp Channel to share updates on our events, seminars, workshops, counselling sessions and any other general updates directly with you. |
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| Join here: https://whatsapp.com/channel/0029VbBWAyKGpLHIIk6yYa3t |
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| If you don’t see updates right away, please note that notifications are turned off by default. Just tap the bell icon in the channel to turn them on — that way, you won’t miss any important announcements. You can also continue to follow our Telegram channel for updates: https://telegram.me/moneylife_foundation |
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| Check our Free Helplines and Guides or Templates as well as our YouTube Channel, where you will find a wide repository of videos on various topics. |
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| Video recordings of all our webinars are available on our YouTube channel and will come to your inbox regularly if you hit the subscribe button. But if you want to be notified about future events through our mailing list, you do need to be a member. |
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| Moneylife TV & Helplines |
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| Financial Literacy Videos in Indian Languages: |
- Credit cards
- Online frauds
- Fallacy of gold loans and more in Marathi, Gujarati, Punjabi and Tamil, all on our YouTube channel (https://www.youtube.com/moneylifetv).
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| Get guidance and counselling through our Legal Helpline or Credit Helpline. |
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| Sucheta Dalal |
| Founder-Trustee, Moneylife Foundation |
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| Trustees: Walter Vieira, Sucheta Dalal, Debashis Basu. |
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| Moneylife Foundation is registered with the Charity Commissioner of Mumbai, is an Affiliate member of OECD's International Network on Financial Education, is a Supporter Member of Consumers International, Development Partner of Advocates for International Development (A4ID), and is a winner of the 10th MR Pai Memorial Award. |
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| Donations are eligible for tax benefits under Sec 80G of the Income Tax 1961 (50% tax exemption) and MLF is registered under the Foreign Contribution (Regulation) Act, 2010.
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