Microfin ordinance sent to Karnataka Guv, proposes up to 10-year jail for violation
Bengaluru, Feb 4 (PTI): Aimed at protecting borrowers from harassment by microfinance institutions (MFIs), the Karnataka government has drafted an ordinance, with penal provisions, including a jail term up to ten years, and fine as high as Rs five lakh for violation.
Confirming this, State Home Minister G Parameshwara on Tuesday said, the Karnataka Micro Finance (Prevention of Coercive Actions) Ordinance 2025 has been sent to Governor Thaawarchand Gehlot for his assent.
"It was three years (in initial draft), now we have increased it. Fine has also been increased to five lakh. This is to ensure that the heat of the law is felt (by violators). If a law is made with perfunctoriness just like that, such incidents won't stop. Hence, the fine (amount) and imprisonment (period) has been increased, so that it in a way, becomes a deterrent," Parameshwara said, responding to a question about punishment being increased to ten years imprisonment.
Speaking to reporters here, he said, "The Governor was out of town, and once he is back he may give an assent after looking at it."
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 by microfinance firms.
Responding to a question, the home minister said, after the first draft of the ordinance was prepared, it was discussed in the government about MFI going to court against it, and the chief minister had instructed the Law department to take all the necessary precautions in this regard.
"This caused a slight delay. Now keeping everything in mind, a draft has now been prepared...," he added.
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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).
