Khemchand rues 'exorbitant' monetary demands, bomb threat
Source: Chronicle News Service

Imphal, July 22 2024: MAHUD minister Yumnam Khemchand has called upon all concerned to stop exorbitant monetary demands and related threats using guns and bombs, but to allow the public to contribute sincerely for the village volunteers.

He made the appeal during the 31st foundation day celebration of Imphal Finance Cooperative Thrift and Credit Society Limited held at the Loktak Hall of Manipur Press Club, here, on Monday.

Speaking as chief guest, Khemchand acknowledged the role and contribution of private banks in the society, especially when nationalised banks could not access every nook and corner of the state.

Noting that private banks not only provide financial assistance to the people but also create job opportunities, he said Imphal Finance is one such established private banks with branches in four districts of the state providing jobs to many.

Regarding gradual decline in public contribution towards village volunteers compared to the enthusiastic responses in the initial stage of the crisis, the minister opined that lesser instances of gunfights could be one of the factors regardless of the fact that village volunteers continue to maintain vigil in the peripheral areas.

Khemchand also regretted a disturbing trend of placing exorbitant monetary demands experienced since the past few months and appealed to all concerned to stop such monetary demands and threat using firearms and explosives to extract the amount sought.

In his address, Imphal Finance managing director Wairokpam Guneshwor said that the society in its three decades of existence formulated several plans, which they want to take up but could not.

The society has been serving the state and it had supported several entrepreneurs in their initial stage by funding their projects.

Moreover, it is providing source of livelihood to their employees, he maintained.

While lamenting that there are certain groups causing severe disturbances and harassing the entrepreneurs thereby hindering service to the people, the managing director urged all concerned to stop such activities.

Considering the conflict situation, Imphal Finance stopped collecting interests from its loanees for several months but resumed the same as the situation improved only to face some groups restricting functioning of the Society, he rued.

Even during the crisis period, many took loan from Imphal Finance with the assurance of paying the loan in time.

Imphal Finance sources its fund from nationalised banks with which they provide loans to its customers.

Even though they could not collect interest from its customers, they are repaying the loan to the nationalised banks.

In case, they fail to repay the loan, they will become defaulter which will further affect their operation leading to bankruptcy.

It will cause a chain reaction affecting the economy of the state as well as the families of its employees, Guneshwor explained and appealed to all concerned not to restrict loan collection and to refrain from making exorbitant monetary demands.

State Bank of India, regional branch office, regional manager Khumukcham Okendro also attended the celebration as guest of honour.

Select employees were honoured on the occasion in recognition of their outstanding contribution to the Society.

Comment