Telugu Desam Party president N. Chandrababu Naidu has called upon the people who borrowed money from micro finance institutions not to repay their loans until the Central and the State governments initiated concrete steps to rescue them from harassment by MFI agents.

The TDP president demanded that the Centre write off loans obtained by poor from the MFIs and open a new channel through the Reserve Bank of India, if necessary, to provide loans at lower interest rates to poor and vulnerable sections.

Addressing a press conference here on Wednesday, Mr. Naidu objected to the reported statement of Rural Development Minister Vatti Vasanta Kumar that rural poor obtained loans from MFI for extraneous reasons and not for any productive purposes. Such comments amount to ridiculing the poor and their poverty, he said.

Published Date : Thursday, Oct 28, 02:50PM IST

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