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States » SouthPosted at: Feb 13 2025 2:09PM


Karnataka Guv approves ordinance to regulate MFIs

Bengaluru, Feb 13 (UNI) Governor Thaawarchand Gehlot on Thursday approved the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance, 2025, aimed at curbing coercive practices by Microfinance Institutions (MFIs).
The ordinance, promulgated by the Congress-led state government, seeks to address concerns over alleged harassment by unregulated MFIs, which have been linked to cases of financial distress, suicides, and displacement of borrowers.
The Governor had initially raised objections, terming the prescribed punishment of 10 years’ imprisonment and a fine of Rs 5 lakh as "excessive" and suggesting that existing legal provisions could have been utilised to address the issue.
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