Taskforce submits report on loan shark

The taskforce formed by the government to recommend measures to curb loan sharks 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 the loan shark and of them 59 cases were settled while seven cases have been lodged in the concerned courts. Likewise, police have been probing into seven other issues. The report stated that there are 33 loan sharks having more than four complaints accusing them of charging exorbitant interest rates on the poor people.

The report has mentioned the compulsions of the poor people to seek loan with loan sharks, reasons behind poor access of bank and financial institutions to poor farmers, processes to receive loans from such informal channels, viscous cycle of exorbitant interest, international practices on the actions against the loan sharks and other issues have been included in the report.

As per the recommendations made in the report, the local administration would also continue the investigation processes against the complaints received on this crime. The recommendations of the taskforce vary from political commitment to government’s policy and programme, awareness raising and legal reforms, financial literacy and fiscal access and others. The government had formed the taskforce a month ago seeking recommendation to curb the loan sharks.

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