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Microfinance institutions push tribals into debt trap

Ravi Reddy HYDERABAD: A number of Micro Finance Institutions (MFIs) have penetrated into the Scheduled Areas of the State by exploiting the innocence of the tribals and luring them into taking loans at hefty interest rates. Throwing all rules and regulations to winds, these institutions are having a free run in the tribal areas and targeting illiterate women. In violation of the AP Scheduled Area Money Lenders Regulation 1960, the MFIs are carrying out their business and pushing tribals into debt trap. According to the Regulation, no person or institution can carry on business of money lending in Scheduled Area unless they obtain a licence. That money-lending was assuming alarming […]

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