Home » Govt. should intervene interest collection by moneylenders – MAPI Council

Govt. should intervene interest collection by moneylenders – MAPI Council

by Sh Ajit
0 comment 1 minutes read

IT News
Imphal, Aug 31:

Manipur Peace and Integrity (MAPI) Council expressed serious concern over the rising Covid-19 pandemic in the state. Many have been affected and many are having taught life trying to protect themselves from the pandemic. Almost all people have been facing extreme hard times due to the pandemic.
MAPI Council said that the 2nd wave is turning more dangerous than the 1st wave. It seems that the authority is facing extreme hardship in this second wave. Somehow the number of positive cases and fatalities rate has been decreased but the pandemic still is not under control.
The impact of the Covid -19 is making the lives of daily wage earners and those who live on borrowed money, either in the form of loan or through mutual agreement.
The problem is that borrowers have to pay high interest rate notwithstanding with the fact that the curfew or the lockdown has been open only a few days back. This only worsened the economic conditions of those people living on hand to mouth but it makes more to the money lenders.
The MAPI Council appealed to the money lenders and private as well as the government bank to stop collecting interest. Reports say that the money lenders are collecting 10%, 18%, 20% or 30% as interest rate. This is a serious matter and the Government of Manipur should intervene and relieved the daily wage earner.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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