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Hundreds of women loan defaulters agitate at Civil Court

Jamshedpur No Comments on Hundreds of women loan defaulters agitate at Civil Court 340

Accuse Janlakshmi Finance and microfinance company of high-handedness

Jamshedpur: Several hundred women created ruckus on Jamshedpur Civil Court premises on Saturday while seeking action against Janalakshmi Finance Company and a micro finance company for allegedly tormenting them to pay back the loans availed by them.

The protestors, many of whom had availed loan of Rs 30,000 each for starting their business, said their start-ups had failed to take off and hence they were unable to pay back their loans. They said the companies were forcing them to pay their loans back. Despite resistance, the officials have continuously been putting pressure on the borrowers to pay the money back, alleged the agitators.

Sources said as many as 5479 women had received court’s notice to attend the Lok Adalat organized today. Only 700 of them appeared today, sources said.

In view of the agitation, district police force was deputed on the court premises. The agitating women raised slogans against the company and refused to give up to the persistent demand for loan repayment.

Meanwhile, the officials of Janalakshmi Financial Services, in a press statement issued today, said, “Janalakshmi Financial Services is one of the largest Microfinance companies in the country, approved, regulated and mandated by Reserve Bank of India. Thus, all its loans and services rendered are as per the RBI mandate, which governs the interest of the citizens of India in addressing financial inclusion.”

The officials further said, “If a customer is unable to repay, we do give them time and clarify to them that they should pay as soon as they can, as otherwise, regular interest will be chargeable on the extended period. Our executives are constantly in touch with the customers who default. Reminders are issued in the form of visits, bi-monthly calls and a loan recall notice giving the customer time to pay prior any legal action. Despite reminders, customers failing to pay for five or more consecutive months, are summoned with legal notices to appear in court (Lokadalat).”

The Microfinance Institutions Network (MFIN) has also clarified in a recent press release that all non-banking microfinance institutions (NBFC-MFIs) providing group loans are RBI registered and regulated financial institutions. These companies provide you loans to help you grow your business so that it would lead to improve your livelihood. These loans are unsecured loans that are given out under the regulated framework of Reserve Bank of India. Increased income helps you in taking care of your family along with the other necessities like good education and healthcare. It is very important to repay the loans on time so that the customer has easy access to loans to grow your business in the future too.

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