Don’t end lives; file plaints as govt is with you: K’taka CM assures people of action against microfinance firms

Mysuru (Karnataka), Jan 31 (IANS) Karnataka Chief Minister Siddaramaiah on Friday assured people of action against microfinance companies and urged them to file complaints against the firms if their representatives harass them.

CM Siddaramaiah assured the people saying, “File a complaint with the police, the government is with you.”

Speaking to the media in Mysuru, CM Siddaramaiah added, “No one should resort to suicide due to the illegal collection practices of microfinance institutions. The government is with you. If you face harassment, file a complaint. We will take legal action.”

CM Siddaramaiah promised that the Karnataka government would take legal action against microfinance institutions that violate the Reserve Bank of India (RBI) regulations, charge excessive interest rates, or operate illegally.

He assured that a directive would soon be issued to regulate microfinance firms.

Further responding to concerns about the difficulties faced by people due to microfinance institutions and the BJP’s allegations of a “goonda raj” (lawlessness) in the state, CM Siddaramaiah said that people take loans from available sources, however, private financial institutions and moneylenders impose high-interest rates and use goons to intimidate people.

“Microfinance institutions are charging an annual interest rate of 28-30 per cent, causing borrowers to become distressed and take extreme steps like suicide. Since microfinance institutions operate under the RBI’s guidelines, which fall under the central government, the state government will soon issue a directive to regulate them and take strict action against institutions that harass borrowers,” CM Siddaramaiah said.

Earlier, speaking at a public event after participating in the Shivaratri Shivayogi Jatra Mahotsava in Suttur, Mysuru, where he visited the Mahadeshwara Temple, performed special prayers, and had darshan of the shrine, CM Siddaramaiah called upon society to recognise that all of Basavanna’s ideals are embedded in the Indian Constitution.

“The fundamental objective of the Constitution is to build a secular society, which aligns with the aspirations of Basavanna and his followers,” CM Siddaramaiah said and urged everyone to understand this and eliminate caste and religion-based discrimination and superstitions.

CM Siddaramaiah pointed out that Dr. B.R. Ambedkar, during the Constitutional Assembly debates, had stated that political independence alone is not enough; economic and social freedom are equally essential. “That statement remains true even today,” he remarked.

“Basavanna, 850 years ago, said, ‘Do not ask who he is, instead say he is one of us.’ However, even today, caste-based discrimination continues,” CM Siddaramaiah lamented.

CM Siddaramaiah stated that he is a staunch follower of Basavanna’s teachings, which is why he made it mandatory to display Basavanna’s photo in all government offices.

He criticised the persistence of superstitions even among the educated, saying, “No god writes anyone’s fate as poor, hungry, or clothed in rags. Yet, even educated people follow such blind beliefs. How can their education be respected?” he questioned.

He said the Constitution opposes assessing a person’s worth based on caste and talent and capability are personal assets, and everyone should get equal opportunities.

“When given opportunities, talent emerges in everyone. That is why education for all is essential,” he said.

CM Siddaramaiah praised the Suttur Mutt for its contributions in education and food distribution, saying that it has become a valuable asset to society. He noted that the mutt upholds secular values.

He further elaborated that work and charity were the core principles of Basavanna’s philosophy, explaining that ‘Kayaka’ refers to production, while ‘Dasoha’ means distribution.

Criticising those who claim that free rice distribution makes the poor and labourers lazy, he remarked that only “those who do not work and grow fat without effort” can make such statements.

He pointed out that mere speeches about Basavanna and Ambedkar’s vision will not bring change; policies and programmes aligned with their ideals must be implemented. “This is why we introduced our guarantee schemes,” CM Siddaramaiah emphasised.

CM Siddaramaiah mocked the BJP, stating that the same party that once claimed Karnataka’s economy would collapse due to the state’s guarantee schemes was now copying them and announcing similar schemes in BJP-ruled states.

He concluded by stating that caste-based discrimination will end only when there is economic and social mobility.

“Our guarantee schemes provide financial stability to every poor and middle-class family, and by increasing people’s purchasing power, we have strengthened the state’s economy,” he said.

–IANS

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