Alarmed at the spate of suicides by borrowers following harassment by microfinance institutions, Chief Minister K. Rosaiah has convened a special Cabinet meeting today to finalise the draft of an ordinance to be promulgated to curb the unlawful activities.

The Advocate General and other legal experts are being consulted in this respect. He has directed district Collectors and Superintendents of Police to crack down hard on the MFIs found charging unreasonably high rates of interest and resorting to strong-arm methods to recover their loans.

Published Date : Thursday, Oct 14, 01:41PM IST

Watch Video........