Strict action against MFIs violating RBI rules: U-K DC K Lakshmipriya

DEPUTY Commissioner K Lakshmipriya has warned that strict action will be taken against microfinance institutions (MFIs), moneylenders, and financial agencies operating in the district if they violate Reserve Bank of India (RBI) guidelines.

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Presiding over a meeting at the DC's office on Tuesday, she said that incidents of harassment of borrowers by MFIs have been increasing across the state. She noted that the primary reason for this issue is the failure of these institutions to adhere to RBI regulations.