Hyderabad, October 13: Taking serious note of coercive methods of Micro-Finance Institutions (MFIs) which allegedly resulted in suicides of many people in the state, Andhra Pradesh government has decided to bring an ordinance tomorrow to rein in the MFIs and provide a special package to rescue the victims.
Though a draft bill to regulate the MFIs is under the consideration of the Centre, the state government has decided to pass a special ordinance for the purpose and convened a special meeting of the state cabinet tomorrow.
“Not only severe action will be initiated against MFIs but their unlawful activities will be totally curbed using the law of the land,” Chief Minister K Rosaiah said today.
He said the activities of the unregulated MFIs would be put down with an iron hand and there is no question of allowing them to continue to harass the rural poor.
–Agencies