Governor rejects microfinance ordinance proposed by Karnataka govt
Bengaluru(PTI): Governor Thaawarchand Gehlot on Friday rejected Karnataka Micro Finance (Prevention of Coercive Actions) Ordinance 2025 that the Siddaramaiah-led Congress government had proposed to regulate microfinance.
According to the Chief Minister's Office (CMO), the governor cited several reasons for his rejection.
Gehlot felt that the punishment of 10 years and fine of Rs 5 lakh proposed by the Karnataka government is excessive, said the CMO.
He was also of the opinion that the existing laws could have been used by the police department to control the situation, added the CMO.
As per CMO, the other reason given by the governor is that the ordinance is likely to have a negative impact on microfinance and this will ultimately affect the poor.
Aimed at protecting borrowers from harassment by microfinance institutions (MFIs), the Karnataka government drafted the ordinance with penal provisions, including a jail term up to 10 years, and fine of Rs five lakh for violation.
On February 4, Home Minister G Parameshwara told reporters that initially it was kept at three years but the government increased it to 10 years to ensure that the heat of the law is felt by the violators.
The government decided on promulgating the ordinance, in response to a spate of suicides and multiple complaints from various parts of the state against predatory loan recovery methods used by microfinance firms.
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RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
