Women intimidated by microfinance companies in Coimbatore for EMI repayments file petition.
Coimbatore: As the lockdown continues due to coronavirus, the affected women filed a petition along with the Welfare Party of India, against the Microfinance companies demanding immediate repayment and demanding exorbitant interest rates.
Vanita from Kavundampalayam said she had availed loan through Grama Vidiyal before the lockdown. She said the micro finance companies are demanding immediate payment and said with the unlock in place only for the past few days, it was not fair to demand immediate repayment.
Another affected woman, Maheshwari, said that Yes Bank, through which their 15-member self-help group had availed a loan, is forcing them to pay a higher interest rate. She added that although they had not paid the last three EMIs, 15 have been paid already with just 6 remaining.
They accused the micro finance companies of extorting money by violating a mandate by the Reserve bank of India to not charge interest to small businesses, self-help groups and agricultural creditors until August.They have filed a petition with the district collector demanding appropriate action against such institutions.