The Telangana government has decided to set up cooperative banking units in the Old City and other areas affected by a usurious money lending business. The move is aimed at preventing unlicensed mico- financiers from getting involved in this illegal business, reports Times of India.
Sources say despite a raft of drives conducted by the police, the unscrupulous elements have continued to operate especially in the old city area. The undesirable elements charge as much as a whopping 10 percent a day. This is banditry, sources add.
Through a network of cooperative banking units says Deputy Chief Minister Mehmood Ali the state govt. will offer loans to beneficiaries up to Rs 15, 000 at negligible interest rates.