Maoist Communist Party, Manipur today warned the private bank runners in the state who are collecting unbearable excessive amount of interest for borrowers even as the outfit encouraged establishment of private economic Institution which enhanced the trend of self-employment culture in Manipur.
In a press statement the outfit however stated some of these private banks contributed a lot for income generation of many people. The statement further added that as the investors and the borrower both are not rich people, both side need to have mutual understanding for a sustainable development of the investor & the borrower.
“10% profit is collected from the borrower in 115 days by the private bank. But for those people (particularly street vendors) 10% is a huge burden”, said the Maoist statement. The outfit further appealed the private banks to have the clear understanding regarding this interest.
Maoist Communist Party appeal private bank to take the processing fee reasonably from coming Dec. 12 (Nupi Lan day) and should not exceed rupees 100. It also appealed to collect interest at reasonable rate. The party stated to borrowers to have an effective discussion on the rate of interest since the current interest rate is condemn by the people and the party. The party also welcomed the banks to reflect and to have a discourse through newspaper.