Assam Finance Minister Himanta Biswa Sarma tables bill to protect people from high-interest money lending agencies
The new bill tabled by Dr Himanta Biswa Sarma will “create a mechanism to regulate the microfinance institutions or money lending agencies or organisations”
| 29 Dec 2020 5:56 AM GMT
Guwahati: The government of Assam introduced a bill in the assembly on Monday, which seeks to protect the economically vulnerable individuals and groups from the hardship of being charged exorbitant interest rates and coercive means of recovery by money lending agencies or microfinance institutions.
Assam Finance Minister Dr Himanta Biswa Sarma tabled The Assam Micro Finance Institutions (Regulation of Money Lending) Bill, 2020, on the first day of Winter session of the assembly. The bill proposes to create an effective mechanism to regulate the microfinance institutions or money lending agencies or organisations .
The Assam government on Monday introduced a Bill in the assembly seeking to protect economically vulnerable groups and individuals from the hardship of usurious interest rates and coercive means of recovery by micro finance institutions or money lending agencies. Tabling The Assam Micro Finance Institutions (Regulation of Money Lending) Bill, 2020, on the first day of the Winter Session of the assembly, Finance Minister Himanta Biswa Sarma said that it proposes to create an effective mechanism to regulate the micro finance institutions or money lending agencies or organisations . On December 13, the Assam Cabinet had approved the proposal to reign in the micro finance entities that mostly give loans to women self help groups (SHG) at high rates.