AP Assembly passes Bill to regulate MFIs

The Bill,which also seeks to protect women self-help groups from exploitation by MFIs,contains all the provisions of the ordinance which was issued following a spate of suicides by many small borrowers.

The Government rejected the Opposition8217;s demand to refer the Bill to a joint select committee of the Legislature to study the provisions in detail and make the law foolproof.

It also rejected the demand for putting a cap on the rate of interest charged by the MFIs.

Members of the main Opposition TDP were not present in the Assembly as they were suspended in the evening for disrupting proceedings of the House.