Telugu Desam Party president N. Chandrababu Naidu has asked the borrowers of microfinance institutions to detain the agents of lenders if they tried to forcibly recover loans given with exorbitant interest rates. The TDP will lend every support to borrowers fight the excesses of MFIs, he assured.

Speaking at several places in Ranga Reddy district on the first day of his three-day tour on Tuesday he said while TDP had mobilised women, involved them in thrift activity and given them revolving fund and bank loans to SHGs for their social, economical and political empowerment.

He asked the MFI borrowers not to repay the loans taken till the Government ensured only paval vaddi' repayment system for them and not to pay interest higher than the principal amount. The MFIs were ruining the lives by charging interest as high as 60 per cent in some case, he alleged.

Published Date : Wednesday, Nov 03, 02:55PM IST

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