Staff Reporter :
The High Court on Monday wanted the updated list of the Micro Finance Institutions (MFIs) licensed from the Microcredit Regulatory Authority (MRA).
While holding hearing on a writ petition the High Court Bench of Justice Abu Taher Md Saifur Rahman and Justice Md Zakir Hossain asked the petitioner lawyer to collect the updated list from the authority and to submit it in the court.
The court said, “We need a clearer picture over who have got the license and who are
conducting high interest money lending activities without license.”
The writ petition was filed with the High Court seeking its direction upon the concerned bodies of the government to take necessary steps for imposing a ban on the informal high interest money lending activities across the country.
Barrister Syed Sayedul Haque Suman, a Supreme Court lawyer, filed the petition with the High Court on September 7 this year as public interest litigation.
During the yesterday’s hearing Barrister Suman who appeared in support of his petition said only 758 institutions have the license from the Microcredit Regulatory Authority to run microcredit functions, while thousands of institutions are conducting microcredit functions across the country without any license.
However, the Microcredit Regulatory Authority doesn’t monitor the functions of the unregistered institutions properly, said the lawyer.
Even many NGOs who took license for other purposes are also conducting the microcredit activities, added the lawyer.
Upon hearing the High Court asked the lawyer to submit the updated list of the Micro Finance Institutions licensed from Microcredit Regulatory Authority. It also asked the lawyer to submit published reports on Ahsan Group corruption.
The court fixed September 20 for further hearing on the issue.
The lawyer prayed to the High Court to issue a ruling upon the respondents to explain as to why the failure or inaction of the respondents to prevent informal moneylenders from lending money in excessive interest rate should not be declared illegal.
The petitioner also prayed to the court to issue a ruling upon the respondents as to why the respondents should not be directed to impose a ban on the high interest money lending activities across the country.
The lawyer said, “Most of the people who have been victimised through the informal high interest money lending business are the members of grassroots level. In many cases they have to pay 200, 250 or 300 per cent interest.”
“The people who fall into this trap of high interest business are getting poorer day by day and the moneylenders are getting richer. We want the DCs and SPs to list them. If the administration fails to bring the informal interest business of the co-operative societies or the businessmen under control, then there will be a chaos in the society,” added the lawyer.
