Hyderabad, December 12: State government introduced three bills in the legislative assembly today. Legislative Affairs Minister D Sridhar Babu introduced the Andhra Pradesh Microfinance Institutions (Regulation of Money Lending) Bill amid noisy scenes by the opposition parties.
In addition to this the Greater Hyderabad Municipal Corporation (Amendment) Bill, 2010 and the Andhra Pradesh Self Help Groups Women (Leasing of Agriculture Land) Bill, 2010 were also introduced in the assembly.
The Regulation of Money Lending Bill seeks to protect self-help groups from exploitation by microfinance institutions (MFIs).
The state government pointed out that some MFIs lent at usurious rates as high as 54 per cent and did not indulge in due diligence to ascertain the repaying capacity of the borrowers. They used coercive methods to recover the loans, it said.
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