IMPHAL | Jun 26: Maoist Communist Party, Manipur has alleged private banks and micro-finance groups in the State for giving out loans on high interest rates to the public and subsequently taking over their homes and therefore, imposed an immediate ban to such banks from conducting such activities.
A release signed by coordinator, standing committee, Kyonghan Mangang stated that grabbing someone’s homes for money is a merciless act. Such activities are being carried out in Manipur for quite some time by these private banks and micro finance groups and they need to be halted immediately, it said. On the other hand, there is a requirement to establish an ‘Economy with Humanity’ to create a society with better foundations, it added.
The release further said that stories of banks forcefully taking away the homes of poor families failing to pay back the loans have become a common story. Instead of grabbing lands, the banks and the loanees under an agreement, can take some land or paddy owned by the loanees as per the principal and interest of the loan.
If the banks consider a right move to take over the house of the loanees because they are unable to pay back, then Maoist might resort to exhibiting the numbers of bombs and guns it has in its arsenal, it stated.
The organisation was created to protect the poor labourers and farmers and it took up arms for that cause, it said. Maoists know that private banks are giving jobs to many but the act of taking away peoples’ homes is an excessive misuse of authority, it added. Therefore, Maoist will put a prohibition to such activities from now onwards, it said. However, the group will not raise objections on taking over of paddies or courtyards where nobody is residing, as per the principal and interest of the loan, it stated. Furthermore, the organisation has also banned banks from registering the houses of the loanees as the security while handing out loans, it added.
It further stated that Banks should consider other assets of the loanees such as paddy, lands, shops and vehicles while giving out loans. Those whose homes have been taken by banks should try to exchange them with other assets and they are urged to contact Maoist if banks officials are trying to take away their houses, it stated. The organisation urges the people to extend support in abolishing capitalism, it added.