Mar 06, 2021

Govt's COVID reliefs pickpocketed by banks, leasing firms Featured

People are facing severe hardships as the banks and finance companies have imposed undue interests on the finance and leasing facilities obtained by the public, despite the concessions extended by the government to provide relief to those affected by the COVID-19.

The government gave a moratorium for those who have obtained finance and leasing facilities from the banks and leasing companies.

But now it is understood that these banks and leasing companies have imposed undue interests on such loan and leasing facilities despite the measures taken by the government to ease the burden on the public.

As a result, the public disappointment over the government's inaction has gone up and ministers are reported to have informed this situation to the President and the Prime Minister.

It is understood that the banks and leasing companies have imposed 11.5 per cent interests on the instalments that were covered by the moratorium. 

Some leasing companies have asked the customers to pay the balance together with the interest or face legal action.

In the ensuing situation, the Collective of Leasing and Bank Loans Payers Association have urged MInister Ajith Nivad Cabral to intervene and to provide relief to the affected people.