State to enforce strict regulations to curb microfinance exploitation: Minister MB Patil


Team Udayavani, Jan 30, 2025, 7:13 PM IST

Shivamogga: The Karnataka government is preparing to introduce stringent measures to regulate the growing menace of microfinance exploitation, said Minister for Industries MB Patil on Wednesday.

Speaking to the media, he stressed the need for a comprehensive ordinance and urged the Centre to collaborate in framing effective legal measures.

Recalling his tenure as Home Minister, Patil mentioned dealing with the IMA scam and highlighted how microfinance issues have persisted unchecked over time. “We must put an end to this exploitation by bringing a stringent ordinance to regulate the sector. Those found guilty should face strict penalties,” he asserted.

The minister expressed concerns over rising incidents where victims, burdened by exorbitant interest rates, resort to suicide due to humiliation. “Such cases should never occur. The Reserve Bank of India (RBI) must cooperate by introducing appropriate legal frameworks to eliminate these malpractices,” he added.

Patil assured that the government would extend necessary relief to victims and urged the Centre to provide support. “Legal loopholes must be closed to prevent microfinance institutions from escaping accountability through court interventions. We need strict regulations to protect borrowers,” he emphasized.

On a different note, when asked about Mallikarjun Kharge’s recent statement on the Kumbh Mela, Patil clarified that Kharge’s remarks were not about the celebration itself but rather a critique of the Centre’s attempts to distract the public. “He highlighted how the rupee is depreciating against the dollar, but BJP leaders seem oblivious to this,” Patil remarked.

He further mentioned that the government is investigating the recent deaths of four Belagavi residents at the Kumbh Mela and assured that appropriate assistance would be provided to their families.

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