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Siddu pulls up microfinance firms over illegal loan recovery tactics
The New Indian Express Kalaburagi
|January 26, 2025
Taking note of incidents of alleged harassment by microfinance companies, the state government on Saturday decided to enact a stringent law soon through an ordinance to safeguard the interests of genuine borrowers.
TAKING note of incidents of alleged harassment by microfinance companies, the state government on Saturday decided to enact a stringent law soon through an ordinance to safeguard the interests of genuine borrowers.
Chief Minister Siddaramaiah announced this decision after a high-level meeting with representatives from microfinance companies and RBI officials. Law and Parliamentary Affairs Minister HK Patil, Deputy Chief Minister DK Shivakumar, Home Minister Dr G Parameshwara and Revenue Minister Krishna Byre Gowda attended the meeting.
Siddaramaiah told reporters that the new law will protect the interests of borrowers. The government will study the law enacted by Andhra Pradesh to control microfinance companies and other lenders.
"The Union government has prepared a draft to ban unregulated lending. Consultations will be held in this regard and action will be taken to protect people, especially farmers, who have fallen into the debt trap. The Union government will be urged to enact effective laws to rein in microfinance companies and other lenders," the CM said.
This story is from the January 26, 2025 edition of The New Indian Express Kalaburagi.
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