Telugu Desam Party (TDP) president N Chandrababu Naidu on Tuesday asked the women and villagers who had availed loans from microfinance institutions (MFIs) not to repay their loans.
Addressing the victims of MFIs in Rangareddy district, Naidu called on the victims to pay the principal and not the interest.
The TDP chief also asked creditors not to make any payments until the government agreed to extend 25 paisa interest scheme to microfinance institutions.
Expressing serious concern over the high-handedness of MFI collection agents in the recovery of loans, Naidu called party cadre to help the victims by creating awareness on the issue.
Earlier, Naidu had consoled the farmers at Uppal who lost their lands due to Metro Rail Project. He said that the TDP would fight for the cause of farmers until justice is done.
Interacting with the victims of the outer ring road, he alleged corruption and irregularities in the projects.
Rajan Alexanderon 3rd Nov 2010, 2:14pm | Permalink
Why pay the principal too? That too is blood money. Join the campaign to ban MFIs.
The sooner MFIs are seen as profit enterprises, the better. The longer they pretend they are pro-poor, the longer they discredit the NGO sector that gave birth to a Frankenstein. By 2014, they target to reach 110 million borrowers. Remarkably, despite two decades of operations, if statistics are to be believed, these MFIs only reach just 20 million people in the country, a good proportionate of them, multiple counted. Yet, they succeed in gaining an attention, so disproportionate to this minuscule reach. Act now to prevent they becoming an epidemic in the country. Act now, when they are most vulnerable.
And how do know they are vulnerable? Because Vijay Mahajan, the father of MFIs in India tells us so:
"We are facing collapse. Unless something changes on the ground, the industry as we know it is basically gone."
Mahajan, we have news for you. The day
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