Rush at usury dens

Rush at usury dens

08/05/2021

Ms. Jyothi is not alone in being faced with a financial crisis due to the pandemic, which has hit several thousand families. For these desperate families, who have no other source, gold has become the mythical Sanjeevani (panacea) to raise the much-needed funds for medical treatment.

Similar is the story of Yalamanchili Ramu (name changed) from Gayathri Hill who sold 30 tola (one tola equals 10 grams) of family jewellery for the treatment of his mother, daughter and himself who were admitted to a corporate hospital in Secunderabad. After a week, Ramu ran out of cash and had no other option but to dispose of the gold. “Selling land is a long process and gold has come to the rescue of my family. We paid more than ₹10 lakh for treatment of three persons,” he said.

Enquiries with pawnbrokers and gold loan companies reveal there is a steady footfall of desperate people to pledge their gold ornaments. “Yes, for the past one month there is a steady increase of people who are pledging gold ornaments for treatment. When they say they want money for treatment, I’m giving money at a very low rate of interest,” said a jeweller from Secunderabad