TNN | Aug 20, 2013, 02.37 AM IST
ITANAGAR: The Arunachal Development Union requested the state government to restrict the interest rate on private loan by bringing it at par with that of the State Bank of India, in order to stem money laundering.
In a representation to state chief secretary on Monday, union members lamented the plight of borrowers who are charged with exorbitant interest rates, saying moneylenders often use illegal means and put pressure to realize money from the debtors. Many debtors have had to sell off all their properties to meet their debts. Several debtors have even committed suicide in the last two years, the members claimed. The members said it would otherwise move the high court and launch a movement if measures are not taken immediately.