Hyderabad, October 14: Seeking to rein in microfinance institutions (MFIs), whose coercive functioning led to alleged suicides of a number of poor and rural people, the Andhra Pradesh government today approved a special Ordinance for the purpose and sent it for the Governor’s assent.
The State Cabinet met here specially to approve the ordinance in view of the massive pubic outcry over the harassment of the poor by the MFIs.
State Rural Development Minister V Vasanth Kumar, talking to reporters after the Cabinet meeting, declined to divulge the contents of the ordinance.
“I cannot reveal the contents of the ordinance before the Governor gives his assent. Wait for 24-48 hours,” he said.
–Agencies