Hyderabad, October 20: In the wake of suicide by borrowers, Andhra Pradesh Police today said they were studying the guidelines given in the ordinance promulgated by the state Government to regulate microfinance institutions (MFIs).
“We have received a copy of the ordinance and the same has been forwarded to the legal cell of CID to study and follow guidelines while initiating action against erring MFIs,” Director General of Police K Arvinda Rao told reporters here.
A video conference with Superintendents of Police of all districts will be organised shortly to deliberate on the guidelines, he said.
The ordinance was issued on October 15.
“There are stringent provisions under IPC to initiate action against the erring MFIs. We will definitely take action against rogue MFIs,” the DGP said, adding police officials who fail to discharge their duties will also invite action.
–Agencies