KCP MC warns to ban Private Banks taking more than 2% as interest rate

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KCP MC warns to ban Private Banks taking more than 2% as interest rat

TMB Report

IMPHAL: Proscribed militant outfit Kangleipak Communist Party-Military Council (KCP-MC) has warned to ban all private banks taking than two percent (2%) as interest rate per month against the loan taken by customers.

In a press release by the outfit, it stated that private banks now cannot take excessive interest rates and said that the processing fees that these private banks take while giving loan is completely unjustified.

Instead of helping each other, these private banks are sucking the blood of the poor people, the press release added.

The press release of the outfit also stated that the outfit will give appropriate answer to Lamjingba Finance and sought Lamjingba Finance to provide a proper answer to the outfit within 48 hours. If it fails, the outfit will take appropriate action, the press release added.

The press release of the outfit further stated that many unemployed educated youths have started private banks, microfinance groups and self-helps groups in the state to provide self employment. However, it has been notice that these private firms are sucking the blood of the (poor) people and have turned into loan sharks.

There also have been many cases where these private banks, microfinance groups and self-helps groups have snatched the houses of (poor) people in the name of recovering money.

Taking the matter seriously, the outfit will no more remain a silent spectator on the actions of these private banks, microfinance groups and self-helps groups, the press release warned.

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