Chinta- Money Matters!!

"A woman commits suicide due to her husband's huge debts."" A business family flees unable to repay debts." "A man deserts his family and has gone missing due to money crisis." "A businessman is absconding to avoid the demanding money lenders."
These and many such disturbing stories are commonly heard in Chintamani these days. Thanks to the number of money lenders, and of-course to the shady borrowers. "Chintamani is a bank of  bankers"  admits a bank manager.

Money-lenders have always been accused of exploiting the poor by charging too much for loans, but what can - or should - be done about this? No doubt that the money lender's funding gives immediate relief and  provides the necessary fuel to run the ailing businesses of the borrowers, but the same fuel will ignite a much bigger problem. The money lending businesses have their own rules or 'no-rules' for trading. The people who take loans pledge assets like gold jewelery or a piece of land they own. But often it's just an oral agreement between the lender & the borrower. The transaction runs to a few thousands to crores of rupees. While the Nationalised Bank's interest rates on business loans are between 12% to 14%  per year and 8% to 10% per year on home loans, the bankers demand a whopping 10% to 12% per month and with the compounding interest. The trapped borrower will be able to pay, with great difficulty, only the interest amount for a few months and later he'll find it very hard to pay even the interest amount. The lender will pound him with a compound interest and the dues will become hefty to repay. A person who has borrowed Rs 1 lac will have to pay Rs 10000 every month. In 5 months the lender will pocket half (Rs 50000) the money.   The pressure the borrower has to undergo will terribly impact his whole family. Unless the borrowers get money wise there will be no dearth for those tragic stories in Chintamani. These are self inflicted problems. But, can the Government and the RBI find a solution to this knotty problem? Can they regulate the price of the loans?  Until than it will be a banker's glory and the borrower's misery. Hope the good principles in the money trading business will prevail, because to Chintamaniacs, the health of Chintamani matters!!   

Elections but no chaos- Super Chintamani!

The elections to any general body creates lots of noise and becomes chaotic. The leaders love to put their huge cut-outs, flexes and posters  and mock at the state of the people. Every nook and corner of the state, including the state capital, is spattered with this ridiculous eyesore. Thankfully they have spared the walls of The Vidhana Soudha!!

But here is Chintamani which is going through the grind of electing members to the town municipality, ahead of assembly elections, but you don't see any posters, cut-outs or banners. The man leading by example is the present independent MLA Dr M.C.Sudhakar. It's hard to find his pictures or cut-outs anywhere in Chintamani. It's quite evident that he is against this ill practice. He has let his works do all the talking, and that is how it has to be. There's no annoying speakers that shout out all through the day. It's hard to tell that Chintamani is facing an important elections. 
Chintamani is one of the primary towns that took  steps to ban the use of plastic bags and set an example for other places to emulate. Now with curtailing the use of flex, banners and posters, Chintamani has taken a huge leap in a progressive path. It's the time for the people of Chintamani to acknowledge all the good things that has happened by voting sincerely. The elections is on March 7th and the results will be announced on March 11th.
All Chintamaniacs, wherever you are, come vote! Chintamani is special! Be a source for Chintamani's development by voting!