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Bill tabled in TN proposes stringent action against coercive loan recovery
The Morning Standard
|April 27, 2025
DEPUTY Chief Minister Udhayanidhi Stalin on Saturday introduced a bill in the Tamil Nadu Assembly proposing stringent punishment, including a prison sentence of up to 10 years and a fine of up to ₹5 lakh, for money-lending entities that employ coercive loan recovery practices on economically vulnerable groups.
The Money Lending Entities (Prevention of Coercive Actions) Bill, 2025, aims to regulate microfinance institutions, lending agencies, and private money lenders operating across Tamil Nadu. Though the bill exempts banks, non-banking financial companies registered with the RBI, cooperative banks, and credit societies from most of these provisions, action can still be initiated against them for coercion.
This story is from the April 27, 2025 edition of The Morning Standard.
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