In yet another distressing case of financial distress, a farmer in Mysuru has fallen victim to relentless microfinance debt collection tactics.
Jayaramu, a 55-year-old resident of Kaniyanahundi village in HD Kote taluk, ended his life after struggling with mounting loan burdens. He had borrowed approximately ₹5 lakh from Equitas and Jana Bank Microfinance to fund his daughters’ weddings and sustain his agricultural activities. Owning two acres of farmland, he had hoped for a stable livelihood but found himself trapped under immense financial strain.
Despite his efforts, the inability to repay the borrowed sum led to continuous harassment from recovery agents. Unable to withstand the mounting pressure and humiliation, Jayaramu took the extreme step of consuming poison on his farm. His tragic demise has raised concerns over the aggressive recovery practices employed by microfinance institutions.
The incident falls under the jurisdiction of the HD Kote police station, where authorities are investigating the circumstances surrounding his death. This unfortunate event highlights the urgent need for reforms in microfinance lending and collection policies to prevent further tragedies among vulnerable rural borrowers.
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