PUDUCHERRY: Despite the moratorium granted by the Reserve Bank of India, some private banks and financial institutions are compelling borrowers to make payments of EMIs on their loans by intimidating them.
“Over 50 Women Self Help Group members have complained to me that they are being threatened for payment of EMIs,” said AIADMK MLA Vaiyapuri Manikandan who represents Muthialpet constituency.
The RBI granted moratorium on the payment of EMI for three months initially up to May 31, which was later extended for another three months to August 31 in a circular dated May 23. However, recovery agencies of private banks and financial institutions have been calling up the women who availed the loans and adopting all methods of intimidation and threats for payment of EMIs, said Manikandan, adding that this is ridiculous and inhumanitarian.
In fact, several areas of Muthialpet had been containment zones for long and some areas are even now in containment zones, he said. He petitioned Lt Governor Kiran Bedi and Development Commissioner A Anbarasu in this regard.
The State Level Bankers Committee (SLBC) headed by Deputy General Manager and Convener SLBC B V Veeraghavan has already issued an advisory to all banks and lending institutions on May 28, informing them about the extension of the moratorium till August 31 on payment of installments.
He asked them to comply with the RBI instructions and advise all their bank branches in the UT and suitably sensitize the branch and field level staff regarding the regulatory package and avoid any complaints in this regard. He also warned them of strict action by government authorities if the instruction was violated.
However, it looks like private banks and financial institutions have not complied with the directions of the SLBC. Meanwhile, Manikandan has advised people to complain at the nearest police station if they are intimidated for payment of EMIs.