AP Assembly passes Bill to regulate MFIs
Hyderabad: The Andhra Pradesh Assembly
tonight passed a Bill that is aimed at regulating the working
of microfinance institutions (MFIs) in the state.
Andhra Pradesh Micro Finance Institutions (Regulation of
Money Lending) Bill, 2010, would replace the ordinance issued
by the Government on October 15 in the wake of reports of
coercive recovery methods employed by the MFIs.
The Bill, which also seeks to protect women self-help
groups from exploitation by MFIs, contains all the provisions
of the ordinance which was issued following a spate of
suicides by many small borrowers.
The Government rejected the Opposition`s demand to refer
the Bill to a joint select committee of the Legislature to
study the provisions in detail and make the law foolproof.
It also rejected the demand for putting a cap on the
rate of interest charged by the MFIs.
Members of the main Opposition TDP were not present in
the Assembly as they were suspended in the evening for
disrupting proceedings of the House.
More from India
More from World
More from Sports
More from Entertaiment
- UP CM Yogi Adityanath takes 50 decisions without single Cabinet meet
- UP CM Yogi Adityanath reviews Gomti riverfront work
- Triple Talaq: Why AIMPLB are opposing the petitions filed in Supreme Court?
- Legal, illegal slaughterhouses in UP: What you need to know
- Triple talaq, polygamy integral part of Islam: AIMPLB tells SC
- Azam Khan demands ban on cow slaughter across India, says Muslims should stop eating beef
- Kapil Sharma–Sunil Grover fallout: Kiku Sharda finally breaks silence
- Chinese national insults Indian flag, throws it in dustbin outside Noida Oppo office; massive protest takes place
- Asaduddin Owaisi asks Centre to clarify policy on buffalo meat export, Nirmala Sitharaman gives apt reply
- No ban on cow slaughter in three Northeast states if party comes to power next year: BJP