Will govt write off MFIs' loans?

Much has been said about the victims of Mfis and their plight but precious little has been done to reddress their grievances so far even as they literally reel under pulls and pressures.

 Where do they stand? With none coming to their aid on a permanent basis they are at cross roads. Will the government write off their borrowings as the Mfis are quite firm on recoveries by hook or crook. Except the Ordinance, so far the state government had also not spelt out any step which could lift them.

The quantum of total loan availed of, by over one crore borrowers in the districts is said to be around Rs 10,000 crore, according to reliable sources. But is the government inclined to write this huge amount off?

Much less likely if the weavers' experience in the recent past is any indication. The government had been evasive over the meagre Rs 327 crore weavers' loan. What is the fate of SHGs?

Going by the current standards and inherent problems being created by the vested interests, the innocent and needy SHGs' members unable to bear the onslaught were being driven to the wall, which culminated into suicides.

Why did the poor turn to the Mfis at all? What are the nationalised banks up to? They had no other go. The Mfis agents employed all sorts of inducements to fleece them.

Unlike banks Mfis lost no time disbursing loans just on the spot. The village field staff of Mfis were extremely adept even in greasing the palms of group leaders of SHGs to persuade the needy.

Now the Mfis moved the court on the ordinance most probably to safeguard and consolidate their stand. Asked about it the chief minister coolly replied, "what can I reply when the matter is subjudice. The Mfis were also said to be adoptilng an amazing and inhuman approach. The  Mfis welcome the suicides of poor as means to recover their loans as the innocent loanees' have insurance backup, which helps promote loan liquidation.