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CM Asks Officials To Crack Down On Illegal Lenders
Hindustan Times Bengaluru
|February 17, 2025
Chief minister Siddaramaiah has directed district administrations and police authorities across the state to enforce the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance, 2025, ensuring strict action against unauthorised moneylenders and microfinance institutions (MFIs) engaging in coercive recovery tactics.
BENGALURU:
During a video conference with deputy commissioners (DCs) and superintendents of police (SPs) on Saturday, Siddaramaiah emphasised the need for proactive measures to protect borrowers from harassment. Citing reports of lenders employing anti-social elements for loan recovery, the CM instructed officials to take immediate action against such practices.
"The DCs and SPs must evolve a mechanism to keep a regular check on microfinance institutions that are operating without authorisation from the Reserve Bank of India (RBI) and ensure that even those who have obtained RBI's permission are operating within the central bank's guidelines," he said. The CM made it clear that district officials would be held accountable if reports of borrower harassment emerged from their jurisdictions.
Esta historia es de la edición February 17, 2025 de Hindustan Times Bengaluru.
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