Hyderabad: Representatives of public organisations on Tuesday expressed concern over people of the Telugu states falling prey to high-interest loans offered by private moneylenders, citing instances of suicide by farmers over their inability to repay the same.
The conference, ‘Excesses of interest-based moneylenders in Telugu states’, was jointly organised by the Indian Nationalist Movement and Elders Club International Foundation in the city.
Consumer Affairs Committee chairman Mandadi Krishna Reddy said scores of people were directly or indirectly becoming the victims of private financiers due to the absence of strong laws and the failure of governments in implementing existing laws.
He said that moneylenders were carrying out their illegal businesses without taking permission from the government and were harassing their victims.
He said governments of states should crack the whip on moneylenders and set up Apna Banks, on the lines of Bangladesh. The conference approved a unanimous resolution to hold counselling for victims and prevent them from taking any extreme steps.
