Breaking News
Nagaland Post Logo
You are here:  Skip Navigation LinksHome » Show story
UNLF’s credit scheme
Spl. Correspondent Guwahati, OCT 31 (NPN):
Published on 1 Nov. 2010 12:54 AM IST
Print  Text Size

Manipur based UNLF, which is still outside the peace process, has been successfully running a unique co-operative saving and credit banking system (Phunga Marup) since 2009, in a bid to spread its tentacles in northeast.
Security forces recently stumbled upon the outfits’ activity while interrogating the arrested secretary, M Nongyai. According to security forces, the main objective of the outfit is to win over the hearts of the local populace by lending them money and in return taking safe shelters in villages. The system is in operation in four districts of Manipur and Cachar, Hojai sub-division in Nagaon which has sizeable Meitie population.
The outfit is believed to be pumping in about Rs 30 to Rs 40 lakh in this crorfinance system per annum.
According to information revealed to security forces by the arrested UNLF cadres, the outfit through the Marup system has been financing villagers to be self reliant through weaving, handicraft and other means of livelihood.. The loan amount to individual varies between Rs 3000 to Rs 4000 for a period of four to five months with interest rates varying from 0.5 to 1%.
“The UNLF forms a self help groups consisting about 15 members and there are about 45,000 beneficiaries of the finance system,” a source said, according to Times of India reports. The money used by the outfit to finance the rural populace is collected through extortion from different areas in Manipur. A portion of the earnings goes to fund arms purchase, while the other part is used to run the organization.

Comments:(0) Login or Register to post your Comment
(Available for registered users only)
More News
  • 1
  • 2