TDP to give financial support to MFI victims

Telugu Desam Party president N Chandrababu Naidu on Friday stated the party would extend financial assistance to next to kin of those, who committed suicides unable to repay loans taken from microfinance institutions.

Talking to media persons at the NTR Trust Bhavan after convening a meeting with party cadre over creating awareness on operations of micro finance companies, the TDP chief said the party has decided to send two senior leaders to districts to enquire about the victims of MFIs.

Mr Naidu said the party would intensify its agitation against MFIs until the government waives off loans taken by people from these institutions.

Reacting on the challenge thrown by Rural Development Minister Vatti Vasanth Kumar for an open debate on the MFIs issue, TDP leader Ravula Chandrasekhar Reddy stated that Mr Naidu would be ready for discussion with Congress president Sonia Gandhi or ‘MFIs promoter and AICC general secretary Rahul Gandhi.’

“How can Mr Naidu discuss the issue with Minister Vatti Vasanth Kumar, who does not even know the difference between microcredit and microfinance,” Mr Chandrasekhar Reddy questioned.

“It is unfortunate for the state to have such Ministers, who do not know the difference between microcredit and microfinance,” he regretted.

Mr Chandrasekhar Reddy said the government Ordinance on MFIs would not serve any purpose and termed it as a ‘waste paper’.

He said Mr Naidu would tour Rangareddy district from November 2-4 and enquire about victims of MFIs and express solidarity and moral support to the family members.