Credit Act termed draconian

The protesters  termed the Act “draconian” and demanded that the Union Government immediately withdraw the Act. Addressing the protesters, Gidappa said: “If a borrower fails to pay three installments, he/she is treated as a non-performing asset and the bank authorities direct him/her to pay the entire amount in two months. Failing to do so, his/ her property is taken into possession.”

He questioned how could a person, who has availed housing loan and is unable to pay three installments, pay the entire loan within 60 days.

 The protesters demanded reduction in the rate of interest for credit cards. They met Governor H R Bhardwaj and submitted a memorandum to the President of India through him.

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