Hyderabad: The police today thwarted the “Chalo Assembly” rally organised by the State Mahila Samakhya against the alleged atrocities of the Micro Financial Institutions (MFIs) against the poor people in the State. Even as the rally was about to move from the Indira Park here, the khaki-clad rushed to the spot and took many activists into custody and whisked them away to the Gandhi Nagar Police Station.
Speaking to the media at the Indira Park before leading the rally, the Samakhya general secretary, Ms K Aruna, said that with an intention to awaken the common people about the exploitation of the poor by the MFIs and to exert pressure on the State government to bring in stringent regulatory mechanism to check the irregularities of the MFIs, the Samakhya had decided to take out the rally.
Ms Aruna alleged that having the backing of the Centre and the Reserve Bank of India, the Micro Financial Institutions have been exploiting the poor people by taking undue advantage of ignorance among them. Many innocent people committed suicide due to the torture by the MFIs. “The State government dumped the recommendations made by an all-party group in connection with the regulation of MFIs”, she said, adding that the Malegaon Committee constituted by the Reserve Bank of India had made recommendation in favour of the Micro Financial Institutions.
Ms Aruna demanded that the State government bring in a stringent regulatory mechanism to rein in the Micro Financial Institutions. She also demanded that the State government impose a moratorium on loans taken by the poor from the MFIs and provide Pavala Vaddi loans through banks. She also said that the political parties, intellectuals and all others need to come together in order to teach a fitting lesson to the Micro Financial Institutions. (NSS)