Haryana Chief Minister Bhupinder Singh Hooda today said nationalised banks should reduce Interest Rates as has been done by state cooperative banks on short-term loans to small and marginal farmers in the state. This issue was raised with State Bank of India officers here today on the occasion of signing of Memorandum of Understanding (MoU) between Lakshya Food India and State Bank of India (SBI), an official release said. The...
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MFIs cannot collect interest more than the principal
The accumulated interest collected by microfinance institutions (MFIs) on loans shall not exceed the principal amount, according to the much-awaited ordinance promulgated by Governor E.S.L. Narasimhan here on Friday to put a check on their activities. However, the interest rate chargeable by the MFIs finds no mention in the ordinance as the government is of the view that this falls under the purview of the Reserve Bank of India (RBI), according...
More »Punjab Dy CM requests RBI Governor to promote debt swap scheme for farmers
The Punjab Government Thursday requested the Reserve Bank of India that it should impress upon Public Sector banks to aggressively promote Agricultural Debt Swap scheme to free the farmers from the clutches of moneylenders. The Punjab Deputy Chief Minister Mr. Sukhbir Singh Badal raised this issue when Dr. D. Subbarao, Governor, RBI today called on him. The Deputy Chief Minister impressed upon the Governor that the Punjab farmers reeling under Rs....
More »Govt May Regulate MFIs
Taking a serious note on the suicides due to the purported harassment or embarrassment caused by the collection agents of Micro Finance Institutions (MFIs), Minister for Rural Development, IKP, Pensions, NREGP and Self-Help Groups, Vatti Vasanth Kumar stated that the government was contemplating making an Act to streamline the operations of MFIs in AP. Talking to media persons in the New Delhi, the minister said that the government would frame rules and...
More »Protests against finance firms as two more commit suicide
Two people committed suicide Monday in Andhra Pradesh after microfinance companies allegedly harassed them for non-repayment of loans. Opposition parties have urged the government to take action against the firms while a rights panel has asked police to submit the reports on suicides. While an auto driver committed suicide in Warangal district, a woman ended her life in East Godavari district. Another woman attempted suicide by consuming pesticides in Karimnagar district...
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