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REIN IN PROFITEERING MICROFIN INSTITUTIONS
The Morning Standard
|January 29, 2025
A fear of microfinance companies demanding repayment of loans has gripped rural Karnataka-so much so that some have fled from home or ended their lives.
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Stories of distress have come in from several districts including Chamarajanagar, Kodagu, Haveri and Belagavi. A woman in Magadi town on Bengaluru's outskirts claimed that a company staffer was harassing her to sell her daughters' kidneys to clear her loans; the woman has already sold one of her own kidneys to repay a part. There are allegations of recovery agents stalking women borrowers and even seizing properties, forcing families to desert home and hearth.
The spate of suicides and migration has turned the focus on the state government's inability to rein in microfinance institutions (MFIs), some of which have morphed into loan sharks.
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