Banks not liable for defaulted loans: K Manihar
Source: Chronicle News Service

Imphal, October 25 2024: All Manipur GP Level MPCS Limited and LAMPS Development Association publicity secretary K Manihar Singh has stated that banks and financial institutions are not to be blamed and projected in poor light when people default on their loans.

In a press meet held at Manipur Press Club here Friday, Manihar, who is also president of Sekmaijin Gram Panchayat Level Multi-Purpose Cooperative Society, stated that one should refrain from blaming the bank if the society is unable to repay the loans as doing so is detrimental to the interests of the people.

When a society takes a loan and then becomes a defaulter, it indicates that it has failed to function properly.

It is not right for the society to blame others for its mistakes, he remarked.

He then refuted the allegations levelled by Association's working president Sorokhaibam Nilkamal as baseless and false, while denying any connection with the Association in this regard.

After a detailed investigation for three days, it was found that Nilkamal's statements were purely his own, resulting from his own actions.

As such the Association will soon convene a meeting and initiate legal action against Nilkamal, he informed, while appealing to all concerned to help in the development of the corporation sector.

The press meet was also attended by the Association's vice president, general secretary and other ex-members.

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