Bollywood to bring credit crisis to big screen
By Rina Chandran
MUMBAI (Reuters) - The global credit crisis has found echoes in an unlikely quarter, India's Bollywood, known more for its love of lavish musicals and racy thrillers.
The crisis, that has inspired "credit crunch" chocolate bars and "meltdown" parties in the West, is reflected in a new Hindi film "EMI," or Equated Monthly Installments, by debutant writer-director Saurabh Kabra. It is set for release later this month.
EMI is an acronym that millions of middle-class Indians are familiar with, as it allowed them to buy everything from washing machines to fancy cars, homes and vacations at a time when banks were eager to lend and credit was cheap.
But as interest rates rose -- with the central bank raising key interest rates by 125 basis points in 2008 alone -- borrowers baulked and banks began to tighten the leash on lending.
"EMI," which stars actors Sanjay Dutt, Urmila Matondkar and Arjun Rampal, is a tale of the lives of disparate characters who live off credit cards and personal loans, and a recovery agent who makes them realize the folly of their ways.
"The movie is really about ordinary, middle-class people who get caught in an endless cycle of loans and credit cards," said Gayatri Singh, creative head for distributor Sahara One Motion Pictures.
The characters include a DJ who defaults on more than a dozen credit cards to impress his girlfriends, a man who takes a loan to send his son abroad to study and a socialite who charges her indulgences to her credit cards.
Sattar Bhai, the recovery agent who chases down defaulters, is "soft-hearted," Singh says, in contrast to agents who have come under fire in India for being aggressive and using force. Continued...