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    2.8 Million People are Stuck in the Microfinance Loan Trap – The Majority are Women

    It has been revealed in the Sectoral Monitoring Committee on alleviating the impact of the economic crisis that 28 lakh rural people have been prejudiced due to the microfinance crisis and 24 lakh have been identified as women.

    The members who came to the committee revealed that this has been identified according to the information revealed in a survey conducted in 2018.

    It has been revealed that even though these loans have been given as a small amount, the related institutions have worked to collect an interest of 38% to 48% in such a way that it is difficult for the rural people to pay them.

    Due to this, the lives of rural women have become completely miserable, the representatives of the Sub-Committee point out.

    It was revealed that this crisis in the microfinance sector was created in the biggest group that took loans from six major non-banking financial companies under the supervision of the Central Bank.

    It was revealed that these institutions have given 80% of the total microfinance loans of 84,000 million, i.e. 67,000 million rupees, and they have already started acquiring the properties of those borrowers.

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