Will amend law to help borrowers, control microfinance firms: Siddaramaiah

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Will amend law to help borrowers, control microfinance firms: Siddaramaiah - Business Standard

Quick Summary:

In the wake public outrage against the alleged harassment by micro-finance companies to recover money from borrowers, Siddaramaiah chaired an emergency meeting with his deputy D K Shivakumar, Revenue Minister Krishna Byre Gowda, Home Minister G Parameshwara, Law Minister H K Patil, senior government and top police officials.

Karnataka Chief Minister Siddaramaiah on Saturday said the state government would amend the existing laws related to money lending business and introduce new legislation to protect the interest of the genuine borrowers.

Representatives of the microfinance companies association, regional officers of the Reserve Bank of India and NABARD officials were also present.