Wednesday, Dec 30 2020 | Time 23:54 Hrs(IST)
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  • MP CM bows to Dr Sarabhai
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  • HP: Hamirpur district reports 15 new cases of COVID-19
  • PM chairs 34th PRAGATI interaction
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  • COVID-19: 22 more deaths in Bangladesh
  • Odisha bans all zero night celebrations on Dec 31-Jan 1
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  • Bill to abolish state-run madrassas passed in Assam Assembly
  • Exit from Rajiv Chowk Metro station will not be allowed from 2100 hrs onwards on Dec 31: DMRC
  • Bill to abolish state-run madrassas passed in Assam Assembly
  • Assam brings law to check microfinance firms from dubbing borrowers
States » EastPosted at: Dec 30 2020 9:18PM


Assam brings law to check microfinance firms from dubbing borrowers

Guwahati, Dec 30 (UNI) Dubious microfinance firms have allegedly spread their tentacles to such an extent in parts of Assam that many women have purportedly been forced into giving sexual favours when they are unable to repay loans taken from such institutions, prompting the state government to pass an Act in the state Assembly today to control such firms.
Microfinance institutions (MFIs) have lent around Rs 12,000 crore across the state, targeting mostly unsuspecting women, state Finance Minister Dr Himanta Biswa Sarma said The Assam Micro Finance Institutions (Regulation of Money Lending) Bill, 2020, came up for discussion on the last day of the three-day Winter Session of the House.
He said, “Several women have come to me and told me that many other women have compromised their chastity under the pressure to repay loans taken from microfinance firms. I hope that is not true.”
In the absence of any mechanism with the state government to
control the MFIs as they are regulated by RBI guidelines, the money is lent at exorbitant interest rates, he added.
“According to an estimate, these MFIs have lent Rs 12,000 crore to poor people, mostly women, in Assam without any assessment of their loan repayment capacity. The RBI says a woman can take only two loans from an MFI, but there are instances of giving five loans to a single woman,” he added.
The minister further claimed that the state government is under pressure after the Bill was tabled in the Assembly on Monday and said, “The RBI wrote a letter to me yesterday and asked to consult before passing the Bill. They suggested some amendments also. How can the RBI come into the picture? This is a privilege of the House. If I place the letter in the House, the RBI will face a privilege motion.”
The Bill was later passed unanimously by the House.
UNI SG RN
Tags: #Assam brings law to check microfinance firms from dubbing borrowers
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