MON 21 Jun, 2021
Economy

Assam Government brings Micro Finance Bill

The Assam government to protect people belonging to economically vulnerable groups from undue hardship of interest rates and coercive means of recovery by micro finance institutions or money lending agencies,  moved a bill in Assembly on Monday.

Tabled in the opening day of the 3-day winter session of the Assembly, the Assam Micro Finance Institutions (Regulation of Money Lending) bill, 2020 stipulates that lenders shall ensure that a borrower does not have existing loans from not more than two lenders and the current cumulative loan outstanding shall not exceed Rs 1.25 lakhs.

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