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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Passing out parade held at IMA Dehradun, 491 young officers join Indian Army
Dehradun(PTI): After undergoing rigorous training at the Indian Military Academy (IMA) in Dehradun, 491 cadets participated in a grand Passing Out Parade on Saturday and will now be commissioned as officers in the Indian Army.
The spectacular parade, held at the historic Drill Square in front of the academy's Chatwood Building, was reviewed by Army Chief General Upendra Dwivedi, who served as the reviewing officer.
Along with 491 Indian cadets, 34 foreign cadets from 14 friendly countries also participated in the Autumn Term 2025 Passing Out Parade.
A total of 525 officer cadets from the 157th Regular Course, 46th Technical Entry Scheme, 140th Technical Graduate Course, 55th Special Commissioned Officers Course, and Territorial Army Online Entrance Exam 2023 Course participated in the Passing Out Parade.
The 'Sword of Honour' and gold medal for securing first place during training was awarded to ACA Nishkal Dwivedi, the silver medal to BUO Badal Yadav for second place, and the bronze medal to SUO Kamaljeet Singh for third place.
The silver medal for securing first place in the 'Technical Graduate Course' was awarded to Officer Cadet Jadhav Sujit Sampat, and the silver medal for first place in the 'Technical Entry Scheme-46' was awarded to WCC Abhinav Mehrotra.
The silver medal for the 'Special Commission Officer Course' was given to Officer Cadet Sunil Kumar Chhetri.
Among the foreign cadets, the first place in merit was secured by JUO Mohammad Safin Ashraf from Bangladesh. The Army Chief's Banner for overall best performance in the Autumn Term was awarded to Imphal Company.
As the parade concluded, helicopters showered flowers on the newly commissioned officers from the sky.
On this occasion, General Dwivedi congratulated the new officers in his address for successfully completing their training. He praised the young officers for their high level of discipline, leadership qualities, and endurance, and urged them to uphold the glorious traditions of the Indian Army and serve the nation with loyalty, commitment, and honour.
General Dwivedi said that joining the army marks the beginning of a lifelong duty and selfless service.
The parents and guardians of the newly commissioned officers were also present during the passing out parade.
