Coimbatore: Coimbatore PMK protested against microfinance companies that force entry into borrower's homes and threaten and misbehave with them
Coimbatore: Coimbatore PMK protested against microfinance companies that force entry into borrower's homes and threaten and misbehave with them.
Women who live in Puliakulam, Gandhipuram, Podanur and Variety Hall Road areas of Coimbatore district have been regularly taking loans from various microfinance institutions such as IDFC Bank, HDFC Bank, Ashirwad MicroFinance, Arise, etc. They have also been repaying it on a monthly basis.
Due to the COVID-19 situation, many were not able to repay their loans. They accuse that taking advantage of this, microfinance companies have been threatening and forcing entry into their homes and demanding to pay the money immediately by waiting and using abusive language and staying put for more than 5 hours. They allege that finance staff continuously threaten them to pay immediately and insult them with degrading words. They accused that the bank representatives even said that if they are not able to pay, they must commit suicide and let their insurance money pay their debts.
Condemning this, Coimbatore District PMK District chief Kumar and Suburban District chief MR Ravi led a protest that was held in front of the Coimbatore South Taluk Office. Affected women carried banners that had slogans condemning the microfinance institutions that are harassing and threatening them for not being able to repay their dues due to unemployment during the Coronavirus lockdown.
On the 7th of this month, the victims had filed a petition with the Coimbatore District Collector regarding the atrocious behavior of the financial institutions. but they alleged that no action had been taken so far and they had no choice but to commit suicides if the situation persists. The state general secretary of the PMK Trade Union Ramasundaram, State youth vice president Sophia Rajesh, and many executives including district treasurer Pramila, Jayapal, Subramani, Mohammad Ali, Arunkumar and Sivam participated in the protest.
Women who live in Puliakulam, Gandhipuram, Podanur and Variety Hall Road areas of Coimbatore district have been regularly taking loans from various microfinance institutions such as IDFC Bank, HDFC Bank, Ashirwad MicroFinance, Arise, etc. They have also been repaying it on a monthly basis.
Due to the COVID-19 situation, many were not able to repay their loans. They accuse that taking advantage of this, microfinance companies have been threatening and forcing entry into their homes and demanding to pay the money immediately by waiting and using abusive language and staying put for more than 5 hours. They allege that finance staff continuously threaten them to pay immediately and insult them with degrading words. They accused that the bank representatives even said that if they are not able to pay, they must commit suicide and let their insurance money pay their debts.
Condemning this, Coimbatore District PMK District chief Kumar and Suburban District chief MR Ravi led a protest that was held in front of the Coimbatore South Taluk Office. Affected women carried banners that had slogans condemning the microfinance institutions that are harassing and threatening them for not being able to repay their dues due to unemployment during the Coronavirus lockdown.
On the 7th of this month, the victims had filed a petition with the Coimbatore District Collector regarding the atrocious behavior of the financial institutions. but they alleged that no action had been taken so far and they had no choice but to commit suicides if the situation persists. The state general secretary of the PMK Trade Union Ramasundaram, State youth vice president Sophia Rajesh, and many executives including district treasurer Pramila, Jayapal, Subramani, Mohammad Ali, Arunkumar and Sivam participated in the protest.