Government to take legal measures against loan sharks

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SUPANBURI – The government will take legal action against loan sharks who may have failed to conform to a formal lending system, while debtors were encouraged to register for the government’s refinancing project, said Deputy Finance Minister Wisudhi Srisuphan.

He reassured farmers who have become debtors of informal loans that they will receive financial assistance from the government after they have enrolled into the government’s refinancing scheme.

The deputy finance minister said the Government Savings Bank and the Bank for Agriculture and Agricultural Cooperatives each is providing some five billion baht in refinancing credit with a 0.85 percent interest rate for low-income earners.

He added loan sharks who may have failed to comply with the government’s scheme will face legal measures, while the debtors were encouraged to improve their financial discipline to prevent themselves from having more debts.

There are currently 17,258 debtors enrolled in the government’s refinancing scheme.