Daijiworld Media Network—Udupi (HB)

Udupi, Sep 15: Members of the Tulunada Rakshana Vedike, Udupi district unit, staged a public meeting to create awareness about high interest on loans near Clock Tower on Monday September 14.

District unit president Chittaranjan Das said, “Nowadays, imposing heavy interest on loans on the rise as the mafia is everywhere and it is a curse to society.”

He gave the following awareness information to the public:

· Money lenders should not impose more than 16 percent interest as per the RBI norms

· Licensed money lenders should impose interest as per the criteria given by the RBI

· Non-licensed persons or private company should not be involved in money-lending business.

· In this business, money lenders and borrowers are equally responsible in the eyes of law

· Money lenders should not fight directly with borrowers in case of delayed payment. If he does so, it is considered against the law

· Money lenders have no right to possess or own property of borrowers without having the required documents.

· It is always better to have financial dealings with nationalized banks and registered co-operative society than others

· Keep away from money lending business

Other Tulunada Rakshana Vedike activists were present at the meeting.