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20 Mar 2023, Edition - 2806, Monday

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Microfinance units refuse to accept old notes, women attempt protest

Covai Post Network


As many as 30 women attempted to stage a sit-in protest inside the District Collectorate here on Wednesday seeking action against microfinance units that did not accept old denominations.

With the demonetisation move, women who have received finance from the units are unable to pay back the money in time, which would result in piling up of debts.

According to one of the women from a Self Help Group in Sirumugai, the women have borrowed more than Rs. 20,000 each from various units in Mettupalayam a year ago. While some have been paying back the money once a week along with interest, some have been paying once a month for more than eight months. However, after the Central Government announcement to remove Rs. 500 and Rs. 1000 notes from legal tender, it has been difficult for the women to continue paying the money as the units did not accept them.

“The banking system now too is complicated and we request the government to ask the units to accept old notes,” said a woman. She added that they would have to face more money problems along with the fine if the units continue to refuse to accept old notes.

The members who attempted to stage the protest were later pacified by the police.

A representation was made to the district administration regarding the issue.

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