BJP demands Govt order judicial probe into MFI activities

Hyderabad, Apr 25 (UNI) Andhra Pradesh said today demanded that the Government order judicial inquiry into the Micro Finance Institutions (MFIs), which were providing high interest loans to three lakh Self Help Groups (SHG) in the State.

Talking to newspersons here, BJP state official spokesperson SV Seshagiri Rao said the MFIs, funded by US, Canada, Italy and Switzerland, were providing loans to the SHGs with 15 per cent interest rate, causing the farmers and women committing suicides in the state.

At least five MFIs were operating their business in every district, he alleged.

Alleging that the MFIs were also resorting to religious conversions, while distributing loans to the SHGs in the villages, Mr Rao said the MFIs were misusing the funds received from other countries.

Referring to the recent Government Order (GO) number 73, which had declared the 'Tirumala township', reducing the radius of Tirumala area, he demanded that the Government withdraw the GO immediately which was against the sentiments of Hindus.

UNI AP KVV AD RK1808