Indian Express reports a survey recently carried out shows Kerala’s fishermen’s take loans from greedy private money lenders which not only pauperizes them but also pushes them into the debt trap.
The interest rates are as high as 160 per cent.
The survey concludes that fishermen do use multiple sources of loans including cooperative banks but mostly turn to private sources as they find them much simpler.
The survey, adds that despite the existence of cooperative institutions such circumstances prevail on the market as compel fishermen to use informal sources for loans.