‘Poor being subjected to torture for loan recovery by microfinance agencies’

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Dharwad: Hundreds of poor people who have availed loans under microfinance and members of federation of Self Help Groups took out a mega rally here on Tuesday and staged a protest infront of the Deputy Commissioner’s office demanding action against microfinance companies “torturing the poor” in the name of loan recovery.

The protesters led by members of Socialist Unity Centre of India (SUCI), demanded that more time for loan repayment be given to them till the difficult financial situation due to demonetisation was cleared. Nationalised banks must arrange for hassle free loans for poor people, they said.

The rally which started from Kalabhavan culminated into a public meeting at DC office, wherein SUCI District Secretary Ramanjanappa Aldalli and other leaders who addressed the protestors charged that the banks and other financial institutions which were providing easy loans to capitalists were troubling the working class. “The demonetisation has further impacted the lives of poor and around 13 lakh people have lost their work. The micro financial institutions are charging higher rate of interest for poor and working class”, he said.

Other leaders CPI (M) District Secretary B S Soppin, retired bank official B V Surendra, Nagaraj Gurikar took both the Centre and State to task for being negligent towards the welfare of the poor.

Later a memorandum was submitted to the district administration in this regard.

 

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