Protest against microfinance companies in Jorhat; demand for ban

JORHAT: Hundreds of women under the banner of Mahila Kalyan Unnayan Samiti, Assam, staged a protest against microfinance companies in front of the Deputy Commissioner's office in Jorhat on Monday.

Alleging that the microfinance companies had ruined the rural economy, the Samiti demanded that these microfinance companies be banned from operating in Assam. The organization demanded an inquiry into the workings of such mic rofinance companies and banks, which it said, was not transparent and should be monitored properly.

The women, shouting slogans and waving posters, alleged that these companies were charging exorbitant rates of interest after giving loans to gullible villagers. The organization said that several families had been ruined after taking such loans. The Samiti further said that every week women who had taken loan from these companies were being harassed to extract the interest and principle amount.

The affected women further said that several among them had been reduced to penury being unable to pay back the loans and they had to sell off their land, house or other valuables. The Samiti demanded that the microfinance companies should be banned forthwith. The movement for a ban on these companies had begun from November, 2019 after allegations of harassment and malpractices had emerged.