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Siddu pulls up microfinance firms over illegal loan recovery tactics
The New Indian Express Mysuru
|January 26, 2025
CHIEF Minister Siddaramaiah on Saturday took the representatives of microfinance companies to task for recovering loans through illegal means.
At a high-level meeting here, Siddaramaiah also took RBI officials to task for not acting against the microfinance companies for harassing people, especially farmers, for not clearing their loans. He sought to know what action they have taken to cancel the licences of microfinance companies which had extended loans in violation of RBI rules and regulations.
Slamming the representatives of microfinance companies for using goons to recover loans, he questioned them whether they had taken permission from courts to seal the houses of borrowers.
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