Former MLA and Kannada activist Vatal Nagaraj urged the government to pass an ordinance to crack down on microfinance companies in the State.
He staged a protest along with his followers here on Sunday with a pestle – a tool used to grind or pound substances – and said there would be a State-wide pestle agitation in case there was any further delay in cracking down on microfinanciers. All pro-Kannada organisations would also be part of the agitation.
Mr. Nagaraj said microfinance was not a loan but a death trap, given the exorbitant rate of interest charged by the companies. They have deployed rowdy elements to recover money from farmers.
He also alleged that politicians have kept their black money with microfinance companies and are engaged in exploiting the people in rural areas.
In addition, the State government should order an inquiry or a judicial probe into the activities of the microfinance companies and recover money from them to compensate the families of farmers who have committed suicide with a solatium of ₹1 crore.
Mr. Nagaraj also lashed out at the Union Budget and said there was nothing in it for Karnataka. “Pro-Kannada organisations in the State will stage a protest and will also seek the resignation of all BJP MPs from Karnataka.” he added.
