In order to free up the victims of the private money lenders, Banks in Kerala are launching a debt swap scheme named ‘ Wrina Mukthi’ . Due to the increase in suicides and related incidents by the victims of the private money lenders, banks have decided to come up with this measure and help them.
It has been reported that the private money lenders were charging high interest rates from the people, making it impossible for them to repay back the loan amount. To discuss this a meeting was held last day, and it was announced there that banks should organize camps and create awareness among the people regarding this.
Under the scheme an average rate of 10.25% will b there of all the banks. Loans of up to Rs. 50,000 lent to farmers and artisans would be acquired under this scheme, and would be repayable over a period of three to five years. It was also informed that a different portal for monitoring agricultural loans sanctioned in the State will also be established.