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.
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