NESA halts collection of monthly chit fund

Farmers and daily wage workers have been facing hardships due to COVID-19 lockdown.

North-Eastern Sporting Association (NESA) on Wednesday has put on hold from collecting monthly chit funds and interest of both personal and private banks for Nongpok Sekmai.

A release stated that people, especially daily wage workers have been facing hardships due to COVID-19 lockdown. The farmers and villagers are facing the hardest of times. There are many whose business is dependent on loan from small private micro finance, it stated.

These small business owners are facing hard times trying to hold up during this lockdown as well as to pay the monthly interest, the release said.

NESA has received many appeals regarding this issue and has decided to put on hold any kind of interest collection for the time being considering the present situation of the people, it added.

The collection will be held until the lockdown continues and the people start working normally, NESA stated. The interest so held up will not give in full amount as soon as the lockdown is lifted, it added.

On the other hand, the monthly personal chit fund is also put on hold until further notice is given, it said. The people of Nongpok Sekmai must follow the decision made and whoever goes otherwise will face the consequences, it added.

First Published:June 11, 2020, 11:04 a.m.