Scores of female borrowers staged a sit-in and rally against microfinance companies, accusing them of recovering capital amount of loan the Securities and Exchange Commission of Pakistan’s (SECP) order to charge only interest from borrowers.
A march was held by the Labour Qaumi Movement (LQM) from the District Council to the DC’s office in which domestic female borrowers protested while holding banners and placards inscribed with slogans against highhandedness of field staff of microfinance companies.
LQM Chairman Baba Latif Ansari along with other labour leaders told The Express Tribune that SECP had, through a notification, asked credit companies to charge only interest amount on the loans since March 21 and not to pursue recovery of remaining amount payable by borrowers.
They alleged that the field staff of credit companies had been adopting coercive measures while visiting homes and harassing them in front of residents of their localities. Two months ago, borrowers from less privileged backgrounds had demonstrated and, resultantly, micro credit institutions had been stopped from initiating further proceedings against the borrowers, but to no avail.
The additional deputy commissioner and assistant commissioner invited the protesters to their office and held talks with labour leaders.
Published in The Express Tribune, July 2nd, 2020.
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