Villagers of Thottampalayam in Bhavani Sagar have accused some micro finance firms of forcing them to repay their loans immediately or pay an additional interest on the principal amount. They have appealed to the district administration to take action against the firms.
Many of the over 3,000 people, involved in weaving, had borrowed money from the small finance firms and are paying a monthly or weekly interest on the principal amount. Owing to the COVID-19 lockdown, the Central government had asked banks not to collect the Equated Monthly Instalments (EMIs) or interest from customers for three months.
On Tuesday, employees from the finance firms visited Anna Nagar in the village and asked the borrowers to repay the principal amount. They also said an additional interest would be charged if the principal was not repaid immediately. The weavers then sought action against the firms for forcing them to repay the money.
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