Panthoibi Housing Finance Company (PHFC) managing director T Hemo on Sunday stressed the need for every individual to maintain strict financial discipline in building an economically stable Manipur.
He was speaking in a press conference at the PHFC’s Uripok office in Imphal West on the current financial situation and financial awareness for ultimate economic growth of Manipur.
Every developmental activity, big or small, needs capital and it is impossible to start even a small business without financial support, said Hemo.
The nationalised banks and financial institutes recognised by the RBI have been giving swift loans with ‘Ease of doing business’ on low interest rates to support potential citizens for business establishment, he said. The said initiatives have saved the loanee from paying high interests to local moneylenders, he added.
He said that the performances of the potential loan applicants are determined by the creditworthiness of the person by means of ‘credit scoring.’
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Those who default the loan will be reflected in the ‘Civil Report’ of the ‘credit scoring’ which will be available by every bank and financial institute, he said. As a result, the loan defaulters will not get further chances to obtain a loan from any other banks and financial institute except for those money lenders who took high interests.
Citing these facts, the managing director urged the potential loan applicants to avoid default and maintain cent per cent repayment streaks.
He further asserted that there will be no economic stability and growth in Manipur until and unless financial discipline is maintained by the people of the state. He appealed to people of the state to “let us uplift the economic status of the state together by being financial discipline citizens.”
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