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    Debabrata Saikia Writes To Assam Governor For Law Against ‘Debt Trap’ Of Financial Institutions

    The law, if suggested, can be passed in the winter session of the Assam Assembly: Debabrata Saikia

    Leader of the opposition in Assam Legislative Assembly Debabrata Saikia on November 6th, 2019, urged Governor Jagadish Mukhi to direct the state government to draft a law to protect the rural people from falling in debt trap by various financial institutions.

    The Congress leader, who wrote a letter to the governor, said, “A number of people are falling victim to a debt trap due to cynical policy adopted by certain private banks and micro-finance institutions. Most of them were forced to resort to distress-sale of livestock, power tillers, two-wheeled vehicles and even land and houses. Some have been forced to lock their houses and migrate to metropolises such as Bangalore and work in private companies. Even people committed suicide after falling into such a trap.”

    He further said that Bandhan bank, HDFC, RGVN, Aarohan, LNT, Asomi and Neo Finch are some of the private banks and micro-finance institutions which are in question.

    Saikia, while citing some example in the letter, said that the women in rural areas are in the grip of an unprecedented socio-economic crisis.

    He urged the governor to direct the state government to immediately draft a law to protect the interests of simple rural folk from profit-hungry private banks and micro-finance institutions. “The law, if suggested, can be passed in the winter session of the assembly,” he added.

    Photo: Time8

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