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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Dr. Thumbay Moideen featured in Entrepreneur Middle East 100 NRI’s of the year
Dubai: Dr. Thumbay Moideen, Founder of Thumbay Group has been featured in this year's “The 100 NRIs by Entrepreneur Middle East.”
The annual feature recognises 100 prominent Non-Resident Indian entrepreneurs from diverse fields. Other notable names on the list include Zakariya Jokatte, Ashish Koshy, Deepak Babani, Pankaj Kundr, Faizal E. Kottikollon, Dr. Vivek Oberoi, and Prashant Goenka.
Dr. Thumbay Moideen, son of the late community leader B. Ahmed Haji Mohiudeen, is a prominent alumnus of St. Aloysius College, Mangaluru. He has earned widespread recognition in the UAE and beyond for his contributions to higher education and healthcare. He is also a recipient of the Karnataka State Rajyotsava Award 2025.
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In 1997, Dr. Moideen founded the Thumbay Group, a diversified international conglomerate that has expanded into health education, healthcare services, and medical research. In 1998, he became the first Indian invited by the rulers of Ajman to establish a medical college in the UAE, which has now grown into a university with its own network of hospitals, clinics, medical centers, and pharmacies across the country.
Dr. Moideen’s achievements have been recognised in respected publications, including Forbes Middle East and Arabian Business. He has also received an Honorary Fellowship from the International Medical Sciences Academy (IMSA) and an honorary doctorate from Amity University.
Today, Thumbay Group institutions cater to students and healthcare professionals from over 100 nationalities, contributing to workforce development and research-driven healthcare practices. Dr. Moideen is widely regarded as one of the most influential Non-Resident Indians in the Gulf, a respected voice from the Beary community, and a leading Muslim entrepreneur and educationist.
Over the past decades, he has steered Thumbay Group’s expansion into a multi-sector organisation focusing on academic medicine, research-led healthcare, and global education. His initiatives have created opportunities for thousands of healthcare professionals and students while strengthening healthcare delivery systems and academic collaboration across regions.
