Tragic Suicide of a Woman Due to Loan Recovery Pressures in Karnataka
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Synopsis
A woman from Mysuru, Karnataka, committed suicide fearing harassment from microfinance agents. Despite government assurances, the tragic incident highlights ongoing challenges faced by borrowers in the region.
Key Takeaways
- A woman in Mysuru, Karnataka, took her life due to alleged harassment from microfinance agents.
- The government promises new laws to protect borrowers.
- Jayasheela, 53, faced financial distress after her loan-funded cow died.
- A high-level meeting was held by the CM to address microfinance issues.
- The BJP criticized the Congress government over microfinance scams.
Mysuru (Karnataka), Jan 27 (NationPress) In spite of the state government's commitment to ensure the protection of borrowers from harassment by microfinance institutions, a woman from the Mysuru district of Karnataka tragically took her own life out of fear of mistreatment by the staff of a microfinance company.
Mysuru serves as the home district of Chief Minister Siddaramaiah.
This unfortunate incident took place in Ambale village, where the victim has been identified as 53-year-old Jayasheela. According to police reports on Monday, the woman ended her life by ingesting poisonous tablets.
Her family revealed that Jayasheela had secured a loan of Rs 5 lakh for agricultural and dairy farming purposes, with a monthly EMI of Rs 20,000. Unfortunately, the cow she purchased with the loan died, and her crop yields did not produce favorable returns. She eventually found it increasingly difficult to manage her life. After acquiring agricultural-grade poisonous tablets, she took her life in the nearby Hullahalli village. The Nanjangud Rural police have initiated an investigation into the case.
Interestingly, on January 25, Karnataka Chief Minister Siddaramaiah convened a high-level meeting to address the challenges faced by citizens due to microfinance institutions. After the meeting, he informed the press at Vidhana Soudha that the government is dedicated to protecting the rights of borrowers who engage with microfinance institutions.
“We will enforce strict legal measures against those who intimidate borrowers. A new ordinance will be introduced soon to protect borrowers' interests. Criminal charges will be brought against individuals involved in coercive loan recoveries. Additionally, the law will include provisions for voluntary complaint submissions,” he stated.
The BJP in Karnataka criticized the Congress-led government on Saturday, asserting that microfinancing scams would not have escalated to this extent without the support of the current administration.
