Loan sharks urged to join pico finance scheme

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BANGKOK,(NNT) – The Ministry of Finance revealed that loan sharks in 27 provinces have yet to join the “Pico” finance scheme.

Thailand News - 12-04-17 2 NNT Loan sharks urged to join pico finance scheme 1JPG

Fiscal Policy Office (FPO) Director Kritsada Chinawicharana revealed that more than 300 loan sharks have participated in the Pico finance scheme since its inception on March 1st. It was introduced as a solution to problems between loan sharks and their clients who failed to make their payments.

The Ministry of Finance sought cooperation from the Ministry of Interior, the Ministry of Justice, and the Royal Thai Police to deal with illegal creditors who refuse to join the scheme. Legal actions have been taken against 62 of them so far.

The twenty-seven provinces where loan sharks have refused to join are mostly in the south and the central region. The primary reason they are reluctant to participate, Kritsada said, is because of the lack of understanding about the program.

The Ministry of Finance is expected to launch a mobile campaign in those provinces to educate local creditors about the program.