As per this news report filed by a local news channel TV 9 today , the microfinance fire continues to rage in Andhra Pradesh with political parties holding rallies, demonstrations and mobilizing people against MFI’s. The reporter starts out by alleging that MFI’s have become a nuisance to society.
Video clippings then show another alleged suicide of a microfinance client, followed by clippings of women gheraoing loan collection agents of MFI’s. The video also shows political rallies held by some left parties and statements by politicians that they are going to give a bitter tonic and teach the MFI’s a lesson they won’t forget anytime soon .
Since I do not understand the language clearly , I have been unable to translate it fully. The full video report can be viewed below.
Language : Telugu
More Skeletons tumble out from best practices closet of MFI’s in Andhra Pradesh
NDTV Profit has filed a video report alleging that benami loans are being meted out by collusion of agents and the size of the scam is not know.
The video and report follows below – Language : English
Link to Video
Benami loans: Pay for what you don’t owe
A new scam has surfaced in the debate on regulation of microfinance institutions. It is alleged that benami loans are being meted out by collusion of agents. With no database or checks on who is borrowing how much and for what purpose and no regulation on multiple loans, over-indebtedness is pushing the most vulnerable to the brink.
“They said you are a widow, why can’t you take up prostitution to pay us? I felt so humiliated. I poured kerosene to kill myself. My neighbours saved me,” said distressed Savitri, a widow hit by the malpractice.
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