Mysuru: Kannada activist Vatal Nagaraj staged a unique protest against microfinance companies at Jayachamaraja Wadiyar Circle (Hardinge Circle) in Mysuru yesterday, wielding a pestle (Onake in Kannada) as a symbol of resistance. Several others in the protests too held pestles.

Speaking later, he demanded the immediate cancellation of unauthorised microfinance firms operating in the State and called for the appointment of retired Judges to investigate their activities. He warned that if strict action is not taken against these companies, a massive protest and a Karnataka bandh would be inevitable.

Nagaraj urged the Enforcement Directorate (ED) to crack down on microfinance companies and put an end to their harassment of borrowers. He demanded that lenders stop locking houses and intimidating families and called for Rs. 1 crore compensation for the families of borrowers who died by suicide due to financial harassment.

Highlighting the exploitative interest rates, he stated that microfinance companies often collect more in interest than the principal amount itself. He insisted that the use of goons for intimidation must end and called for a high-level investigation into the deaths and distress caused by predatory lending.