No steps taken to reduce high percentage of compound interest, says AIDWA
All India Democratic Women's Association (AIDWA) vice-president S. Punyavathi found fault with the State Government for hurriedly coming out with an Ordinance which indirectly helped the micro-financiers as the latter did not taken steps to reduce the high percentage of compound interest being collected by the micro-finance institutions.
Participating in a workshop on “Will the Ordinance help the beleaguered women and deter women from committing suicides,” organised by AIDWA here on Sunday, Punyavathi stated that the State and Central Governments were to be blamed for the plight of self help group women as in the context of poor implementation of ‘Pavala vaddi' scheme, the SHG women were being drawn into the clutches of micro-financiers and were being pushed into indebtedness all their life.
She regretted that the ordinance was silent on the steps being taken by the government for reducing the interest burden.
CPI (M) Corporator Prasuna also spoke.