India News | Sarangi Asks Odisha CM for Firm Guidelines to Check Microfinance Cos

Bhubaneswar, Jun 14 (PTI) Union Minister Pratap Sarangi has urged Odisha Chief Minister Naveen Patnaik to put in place firm guidelines to rein in the microfinance companies in the state who harass women borrowers amid the COVID-19 pandemic.

These microfinance companies have not stopped collecting their dues despite the fact that the central government has declared a moratorium of six months on loan repayment, he said.

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Microfinance companies operating in the state have unleashed a great deal of hardship on the women borrowers, leading to social unrest, intimidation, violence and even suicides at some places, the Union Minister of State for MSME, Fisheries, Animal Husbandry and Dairying said in a letter to Patnaik.

Sarangi, who hails from Odisha, said that on the pretext of helping the rural women to carry out certain activities by way of giving loans with ease of repayment, the microfinance companies have worked out a devious modus operandi to lure the gullible people who are in dire need of some money.

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They charge exorbitant interest with a well orchestrated women gang to recover the money in case of default, he said in the letter, which was released to the media.

Besides, in the current difficult times when people have lost their livelihood and are not in a position to pay their installments, the coercive measures adopted by these companies have created an avoidable social tension at many places, he said.

I request you to kindly put in place firm guidelines to rein in these microfinance companies in terms of regulating their operations including interest rate, repayment and recovery to minimize the harassment and ordeal of women borrowers in larger public interest, Sarangi said in his letter. PTI SKN SOM SOM 06141134 NNNNson.

They argued that relegation was unjust because there were no statutes in place for such a scenario, and that it was an arbitrary decision considering the standings could have been different if the pandemic had led to the league shutting down earlier.

Lyon argued that the table was unfair because teams had not played the same amount of games home and away or met the same opponents. It said the league should be declared void if it can't be resumed.

Ligue 1's director Didier Quillot sat across from Aulas at a sometimes heated hearing and defended the LFP's decision.

“We acted with pragmatism,” he said.

Aulas argued that missing out on European competition would impact finances and weaken Lyon's presence in the transfer market. Lyon can still qualify for the Europa League if it beats PSG in the League Cup final — which was not canceled.

A lawyer for Lyon said that the health situation could have improved between April 30 and late May, while the league repeated it was only acting on government orders. Quillot also said it was not possible to delay the start of the new season on Aug. 23, in part because of a new TV rights contract with broadcaster Mediapro.

Aulas argued that next season could begin in mid-September in line with the Spanish league. (AP)

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