According to Reserve Bank of India There are thousands of Non Banking Illegal Finance companies running across the state.In Telangana every mondal head quarter must have 100 to 1800 Illegal
finance companies running every day. Set up is very simple ,one small room ,10 chairs,
one table and beerva. 4 to 10 directors gathering money from villages , and charge
Rs.3 to 15 per cent per Rs.100 per month.
1st month interest deducted while you are taking
money. If you are fail to pay on 30th day ,next day onwards you must pay more than
50% extra interest that is Rs.4.50 to 22.50 per Rs.100. This blood sucking interest rates
are causing farmers committing suicides. Most of the farmers taking money from this
finance companies only.
Nearly 330 farmers committed suicides since September 20.
Money lending business must follow Indian Penal Code and Reserve Bank Of India guidelines.
These Illegal finances break all rules,
Signing on white paper, singing on empty promissory
notes and taking blank cheques from lenders are against Indian Law.
Charging interest rates above bank rates are against to RBI guidelines.
They do not respect Indian laws and RBI guidelines,
Everybody know about this illegal dandha but no one to ask to stop them
Telangana Government must take strict action against illegal finance mafia as early as
possible to avoid more farmer suicides.
finance companies running every day. Set up is very simple ,one small room ,10 chairs,
one table and beerva. 4 to 10 directors gathering money from villages , and charge
Rs.3 to 15 per cent per Rs.100 per month.
1st month interest deducted while you are taking
money. If you are fail to pay on 30th day ,next day onwards you must pay more than
50% extra interest that is Rs.4.50 to 22.50 per Rs.100. This blood sucking interest rates
are causing farmers committing suicides. Most of the farmers taking money from this
finance companies only.
Nearly 330 farmers committed suicides since September 20.
Money lending business must follow Indian Penal Code and Reserve Bank Of India guidelines.
These Illegal finances break all rules,
Signing on white paper, singing on empty promissory
notes and taking blank cheques from lenders are against Indian Law.
Charging interest rates above bank rates are against to RBI guidelines.
They do not respect Indian laws and RBI guidelines,
Everybody know about this illegal dandha but no one to ask to stop them
Telangana Government must take strict action against illegal finance mafia as early as
possible to avoid more farmer suicides.
