Budget session: Law Min. HK Patil introduces Microfinance bill in Karnataka assembly
Bengaluru: The Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance 2025 was introduced in the Legislative Assembly on Thursday, March 6. The bill is being introduced with the motive of protecting borrowers from harassment by money lending mafias.
During the session, Law Minister H.K. Patil introduced the bill on behalf of Chief Minister Siddaramaiah in the Assembly proceedings.
Speaking during the session, Patil highlighted that the lenders often force borrowers to pay high interest. The bill is being proposed with the intention of protecting and relieving the economically vulnerable groups and individuals from harassment of lenders.
“It has been observed that microfinance institutions or lending institutions engaged in the purchase and sale of agricultural commodities or providing loans to the poor and taking the principal in cash or in kind with interest, are found to be resorting to high interest rates, undue hardship, coercion and inhumane recovery,” he said.
The proposed Bill aims to create an effective mechanism to regulate microfinance institutions or lending agencies or institutions operating in the State to protect economically weaker groups and individuals, especially women and women self-help groups.
The bill proposes imprisonment for up to ten years and a fine of up to Rs 5 lakh for those found guilty of forced and inhuman debt collection. In addition, the bill proposes a law that the state government has already enacted through an ordinance.
The bill aims to regulate unregistered moneylenders operating within the legal framework, ensure protection of fundamental rights, and apply to unregistered and unregulated moneylenders without falling under the purview of the RBI. It does not prohibit legal moneylenders. However, it is mentioned that it prohibits forced collections.
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Record-holder swimmer drowns while practicing in pool in Mangaluru
Mangaluru: Record-holder swimmer K Chandrashekhar Rai Surikumeru (52), who was known for performing yoga and somersaults underwater, died of drowning in the Mangaluru City Corporation swimming pool on Sunday.
Rai, who was a native of Surikumeru near Kalladka in Bantwal taluk, lived in Kudroli, Mangaluru. He is survived by his wife and a daughter.
He had been employed as a lifeguard at the swimming pool in Udupi under contract-basis and was working as manager of the MCC swimming pool for three years. He also worked as a lifeguard and swimming trainer.
On Sunday morning, Rai is said to have handed the security guard of the pool his mobile phone, saying he would practice for some time, but shortly after diving into the pool, he died of suffocation.
The post-mortem examination of his body was conducted at the District Wenlock Hospital and the funeral rites were held at his native place, Rai’s brother Radhakrishna Rai has said.
Rai, known for his skills in swimming, had entered the Worldwide Book of Records in 2023 by performing 28 front flip somersaults in a single stretch.
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