IMPHAL, November 30: The Maoist Communist Party Manipur (MCPC) asked all private banks, micro finance groups operating in the state to stop levying processing fee by December 12 marking the Nupilal Day.
A statement issued by comrade Nonglen Meitei, secretary Publicity and Propaganda of MCPC, said that it welcomes the emergence of many institutes with the objective to create ‘self-employment’ in the strife torn region.
However, some of these institutes’ especially private banks are levying exorbitant interest rate on the loanees, it said.
Acknowledging the financial support it (banks) have been extending to small time business, it observed that the 10 percent interest it is collecting are not consumers friendly especially for women vendors.
It urged the financing institutes to review their interest rate in the interest of the marginalised groups.
Against this backdrop, imposing processing fee is not practicable at the present context, it said adding that it asked all the privates banks to stop imposing processing fee by December 12.
If the financing institutes deem that the processing fee is mandatory technically at some point, it urged to collect only 100 for name sake.