<p>"Don't repay your loans till the interest rate is brought down to three per cent as promised by the government. If MFI agents harass you for repayment, tie them up in a room and call the TDP workers for support," Naidu said addressing a public meeting at Uppal here today.<br /><br />He also demanded that the government put in place a regulator to rein in MFIs, which are facing flak for their coercive measures,leading to a spate of suicides in the state.<br />Naidu said MFIs borrowed Rs 10,000 crore from banks in the state and claimed to have extended loans to the tune of Rs 12,000 crore.<br /><br />"The MFIs are conveniently getting money from banks at lower rates of interest. They are disbursing the same money to women but charging interest ranging from 36-60 per cent. Why don't the banks lend the same money directly to the poor at cheaper rate of interest," he questioned.<br /><br />Though the Andhra Pradesh government grandly announced that it would help women secure loans from banks at three pc interest rate, nothing was happening in reality, he said.<br /><br />The TDP chief began his three-day tour of Ranga Reddy district from Uppal today to study the woes of MFI victims and also those whose lands were acquired by the government for various purposes. Women members of self-help groups poured out their miseries to Naidu and narrated how they were pushed into a debt trap because of the government schemes.<br /><br />"Banks are not extending loans, forcing us to depend on MFIs," they told him.<br /><br />The Leader of Opposition lashed out at the government saying it was allowing unscrupulous MFIs to loot the hapless poor. "The rich are able to secure loans from banks for as low as five per cent interest while the poor are forced to borrow money from MFIs at an exorbitant interest rate of 60 per cent," Naidu lamented.<br /><br />The government should immediately take steps to correct this, he demanded. TDP senior leader T Devender Goud, MLAs K Harishwar Reddy, P Mahender Reddy and others were present on the occasion.<br /><br />Later, some TRS workers tried to block Naidu's convoy as he was proceeding to Bandlaguda village from Uppal. But police thwarted the attempt and took them into custody, facilitating Chandrababu's smooth passage.</p>
<p>"Don't repay your loans till the interest rate is brought down to three per cent as promised by the government. If MFI agents harass you for repayment, tie them up in a room and call the TDP workers for support," Naidu said addressing a public meeting at Uppal here today.<br /><br />He also demanded that the government put in place a regulator to rein in MFIs, which are facing flak for their coercive measures,leading to a spate of suicides in the state.<br />Naidu said MFIs borrowed Rs 10,000 crore from banks in the state and claimed to have extended loans to the tune of Rs 12,000 crore.<br /><br />"The MFIs are conveniently getting money from banks at lower rates of interest. They are disbursing the same money to women but charging interest ranging from 36-60 per cent. Why don't the banks lend the same money directly to the poor at cheaper rate of interest," he questioned.<br /><br />Though the Andhra Pradesh government grandly announced that it would help women secure loans from banks at three pc interest rate, nothing was happening in reality, he said.<br /><br />The TDP chief began his three-day tour of Ranga Reddy district from Uppal today to study the woes of MFI victims and also those whose lands were acquired by the government for various purposes. Women members of self-help groups poured out their miseries to Naidu and narrated how they were pushed into a debt trap because of the government schemes.<br /><br />"Banks are not extending loans, forcing us to depend on MFIs," they told him.<br /><br />The Leader of Opposition lashed out at the government saying it was allowing unscrupulous MFIs to loot the hapless poor. "The rich are able to secure loans from banks for as low as five per cent interest while the poor are forced to borrow money from MFIs at an exorbitant interest rate of 60 per cent," Naidu lamented.<br /><br />The government should immediately take steps to correct this, he demanded. TDP senior leader T Devender Goud, MLAs K Harishwar Reddy, P Mahender Reddy and others were present on the occasion.<br /><br />Later, some TRS workers tried to block Naidu's convoy as he was proceeding to Bandlaguda village from Uppal. But police thwarted the attempt and took them into custody, facilitating Chandrababu's smooth passage.</p>