Mangaluru: ‘No Office, Don’t Do Business’-DC AB Ibrahim warns Moneylenders

Mangaluru: Deputy Commissioner A.B. Ibrahim during a meeting held DCs office has directed Deputy Registrar of Cooperative Societies in Dakshina Kannada B.K. Saleem and the police to monitor the functioning of moneylenders and take action if they harassed farmers for loan recovery. The DC also warned that the licence of moneylenders who do not have a genuine address will be suspended immediately.


At a meeting of scheduled banks, cooperative banks and non-banking financial companies, it was brought to the notice of the DC that quite a few moneylenders, many of them registered, do their business without a office or permanent office address. This meeting with representatives of financial institutions was in the wake of continuing suicides by farmers in the State.

It is learnt that there are 320 moneylenders in Dakshina Kannada. Premises of about 30 moneylenders offices were inspected recently, of which 12 had not displayed the chart of rate of interest charged by them. In response to this, Deputy Commissioner instructed the concerned authorities to cancel the licences of such moneylenders. He had said that steps should be taken to ensure that no moneylender levied interest rate more than 16 per cent. DC has said that any moneylenders charging more than 16% interest, then the people should complain to the government or police department, and suitable action action will be taken against those moneylenders.

The Deputy Commissioner asked the Assistant Commissioners (Revenue) to hold taluk-level meetings with moneylenders to caution them against harassing farmers. He also directed cooperative department officials to create awareness among among general public about the rate of interest moneylenders are allowed to collect from their clients, especially farmers.

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