Meanwhile..Telugu Desam president N. Chandrababu Naidu on Thursday said waiver of all loans taken from Micro Finance Institutions was the only way to rescue poor borrowers as the ordinance proposed by the government would not serve much purpose.

Addressing Praja Rajyam leaders and workers who joined the TDP, Mr. Naidu said waiver should not be a problem as most of them had borrowed amounts ranging from Rs. 5,000 to Rs. 10,000 but ended up paying huge interest ranging from 40 to 50 percent.

Though MFIs had been resorting to such practices for five years now leading to suicides by many borrowers, both the Centre and the State had miserably failed to control them, he said.

Published Date, Friday, Oct 15, 01:05PM IST

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