Financial institutions, both under the public sector and private sector, are vying with each other for trapping innocent and unsuspecting customers with tempting offer of easy money with easy instalment of repayment. Many unwary citizens are accosted on the bank premises and outside by the agents of the banks canvassing loans. Once the loan is taken there will be uninterrupted phone calls from various agencies asking to repay the loan within the stipulated period, presumably on commission basis.
The tragedy is that whatever you repay is credited to the interest and not the principal with the result that the loan remains a life-long liability. No greater sin can be thought of than calling a person and offering him loan without any regard to their age and source of income and fleecing them from day one
Residents’ associations should take up this matter with authorities of banks and the Ministry of Finance to put a stop to the fleecing of unsuspecting borrowers. The banks should realise that they are doing business with the money from their customers and they should not be treated as culprits.
K.P. Karunakaran Nair
The Chief Minister’s decision to give free land for the construction of the Indian Institute of Space Science and Technology in the capital will be a boost for the overall development and importance of Thiruvananthapuram on space map. Kerala being the birth place of the space project of the country at Thumba, it was only appropriate for the Chief Minister to give 200 acres of land for the project.