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HK Patil: Microfin ordinance not against one's basic right
The New Indian Express Mangaluru
|February 08, 2025
DEFENDING the Karnataka Micro Finance (Prevention of Coercive Actions) Ordinance 2025 issued by the state government, Law Minister HK Patil on Friday said it does not curb one's basic right and it has not neglected the interest of lenders, nor restricted loan recovery.
He, however, said that the ordinance will be presented in the Houses and opinion of legislators will be taken before a strong law is framed.
Patil said unregistered or unlicensed lenders cannot give loan or levy compound interest or penalty interest. Such loans cannot be given under law, and such cases cannot be taken up in courts too.
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