Will amend law to rein in microfinance companies: CM Siddaramaiah
Bengaluru, Jan 25 (PTI): Karnataka Chief Minister Siddaramaiah on Saturday said the state government would amend the existing laws related to money lending business and introduce new legislation to protect the interest of the genuine borrowers.
In the wake public outrage against the alleged harassment by micro-finance companies to recover money from borrowers, Siddaramaiah chaired an emergency meeting with his deputy D K Shivakumar, Revenue Minister Krishna Byre Gowda, Home Minister G Parameshwara, Law Minister H K Patil, senior government and top police officials.
Representatives of the microfinance companies association, regional officers of the Reserve Bank of India and NABARD officials were also present.
Later, briefing reporters, the CM said he took the opinion of the microfinance companies as well as the RBI officials.
"After taking their view, we told them that we won't say not to give loan or do not recover money from borrowers but while recovering money you should not torture and harass people," Siddaramaiah said.
While recovering money, RBI guidelines should be followed by the micro-finance institutions. The central bank should also monitor the violations of these guidelines, he added.
"We are going to amend the existing laws and also bring new legislation to protect the interest of the genuine borrowers of the micro finance institution and other private money lenders," he added.
The Chief Minister added he told the companies not to charge interest more than the prescribed rules.
"After 5 PM, no one should go for recovering money. We have opposed outsourcing the recovery work," he said.
"What happens is, it is outsourced and rowdies are roped in. This should not be done. We will take stringent action against violation of rules for recovering money,” Siddaramaiah warned.
The meeting was convened after many people allegedly died by suicide, families fled their homes and women staged protests against the harassemnet by microfinance companies across the state.
The menace is more prevalent in the rural areas.
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Elephant calf brought from Bijnor kept under care at Pilibhit Tiger Reserve
Pilibhit (PTI): A 19-day-old elephant calf, brought from Bijnor, was placed under care at the Pilibhit Tiger Reserve (PTR) on Sunday, an official said and added that the calf got separated from its mother in the forest area of Bijnor.
The calf was born on December 2 in the Bijnor forest area and got separated from its mother shortly after birth, the official said.
The forest department made several attempts to reunite it with its mother, but without any success. To ensure the calf's safety and better care, it was decided to transfer it to the Pilibhit Tiger Reserve on the instructions of senior officials.
On Saturday, Deputy Director Manish Singh received the calf. Special arrangements have been made in the reserve for its care. It has been kept in a safe and clean environment to provide it with a natural setting and protect it from external noise and disturbances.
Singh told reporters that raising an 19-day-old calf is challenging.
It requires a special diet as a substitute for mother's milk and constant monitoring.
He said a special team has been formed to provide 24-hour care. Since the calf is very young, it is being cared for like a newborn baby.
According to Singh, the primary responsibility for monitoring the calf's health has been entrusted to PTR's veterinarian, Dr Daksh Gangwar. Under his supervision, a complete record of the calf's health checkups, diet, and body temperature is being maintained. The team is ensuring that the calf does not contract any infection.
