It refers to shocking news about mother-daughter committing suicide on 14.05.2019 in a suburb of Thiruvanthapuram for not being able to repay home-loan. This loan-system is in sharp contradiction of ancient India culture which suggested _Save something out of which you earn for difficult times and future needs_. Now liberal economy has made people acting in reverse direction by taking easy loan with excessive luring done by Banks and Non-Banking-Financial-Companies NBFCs through unending mobile-calls through call-centres.
Central government should impose a total ban on telephonic-calls by Banks and NBFCs luring potential buyers of loans. These Banks and NBFCs torture loan-takers in every manner psychologically and both civil and criminal cases filed in contradiction to normal procedures. NBFCs must not be financed by at least public-sector banks. Unsecured loans should be totally banned with maximum interest on credit cards either for default or for part payment restricted to 18-percent per annum rather than abnormally high upto 48-percent presently.
Loan-waiver schemes or One-Time-Settlement OTS facility should be there for all existing loans given by Banks and NBFCs so that already trapped loan-takers may come out from these torturing loan-providers. If farmers can be provided such schemes, then it has become a necessity for at least mute section of middle-income society which is the worst sufferer of loans.
MADHU AGRAWAL