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Follow RBI Guidelines or Face Action, Bidar DC Warns Microfinance Firms
The New Indian Express Kalaburagi
|February 21, 2025
MONEYLENDERS and microfinance institutions operating in the district should strictly follow the guidelines issued by the Reserve Bank of India, Deputy Commissioner Shilpa Sharma has said.
Addressing media persons at the Deputy Commissioner's office here on Thursday, Shilpa said before giving loans, microfinance institutions should verify the family income and other antecedents and then give 50% of loans based on their income.
"However, it is seen that loans are given without considering their ability to pay it. This should not be allowed. Both the lenders and the borrowers should follow financial discipline," she said.
According to the RBI guidelines, microfinance institutions can give loans only up to ₹3 lakh. She said appropriate steps should be taken to recover the loan, and if there is any violation of the law, abuse or harassment, cases will be registered against offenders.
This story is from the February 21, 2025 edition of The New Indian Express Kalaburagi.
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