Taskforce Submits Report on Loan Sharking   

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Taskforce Submits Report on Loan Sharking   

September 13: The taskforce formed by the government to recommend measures to curb loan sharking has submitted its report to Home Minister Bal Krishna Khand. Coordinator of the taskforce Dr Bhishma Kumar Bhusal submitted the report to Minister Khand.    
As stated in the report, a total of 2,289 complaints were received relating to loan sharking and of them 59 cases were settled while seven cases have been filed in the concerned courts. Likewise, police have been probing into seven other issues.    
The report stated that the victims have filed more than four complaints against 33 loan sharks accusing them of charging exorbitant interest rates to the poor people.    
The report has included issues such as the compulsion of the poor people to seek loan with loan sharks, reasons behind lack of access to banks and financial institutions among the poor farmers, processes to receive loans from such informal channels, viscous cycle of exorbitant interest, international practices on the actions against loan sharks and other issues.    
As per the recommendations made in the report, the local administration would continue the investigation against the complaints related to this crime.    
The recommendations of the taskforce vary from political commitment to government's policy and programme, raising awareness and legal reforms, financial literacy and fiscal access and others.    
The government had formed the taskforce a month ago seeking recommendation to curb loan sharking. -- RSS

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