Hyderabad, October 14: In the light of the spate of suicides by borrowers following harassment by Micro-Finance Institutions (MFIs) in the State, a High Court Advocate, Mr B. Nachiketh has demanded the State government to strictly implement the Money Lenders and Accredited Loan Providers Bill 2007 and Scheduled Tribes Debt Relief Regulation, 1970.
Speaking to media persons here on Thursday, Mr Nachiketh alleged that the government had become a puppet in the hands of Micro Finance Institutions. He maintained that the MFIs have been targeting poor who are depending on fishing and agriculture operations. He lamented that the State government did not take action against MFIs, even though they have violated the State Scheduled Tribes Debt Relief Regulation 1970.
The Advocate has sent a representation to the Chief Justice of Andhra Pradesh High Court and the Chairman of State SC and ST Atrocities Prevention commission, seeking stern action against MFIs and stop the innocent people from committing suicides in the interest of national spirit.
He demanded the State government to take stringent action against MFIs and control their menacing activities on people. He alleged that the Toll Free number 155321, which was established by the government to control MFIs harassment on people, was not working. He criticised that the government has failed to implement the existing Acts, to control the micro finance companies harassment of borrowers.
Referring to the State government’s proposal to bring in a new Act, he regretted that it was not working sincerely to solve the problem.
He said that he would submit a memorandum to the Governor and the Chief Minister soon in the matter.(NSS)