Assam Government on Sunday has approved the proposal to bring the new legislation for controlling Micro Finance Firms.
As per Reserve Bank of India (RBI) guidelines and reports, the Micro Finance Firms charge excessive interest from borrowers. In a meeting of the state cabinet, state Chief Minister Sarbananda Sonowal decided to keep in control all the Micro Finance establishments.
Speaking to the media, Parliamentary Affairs & SEED Minister, Chandra Mohan Patowary said, “A new Act to control Micro Finance units has been passed. They will now operate as per RBI guidelines and will not levy any other rates on consumers. The consumers of Micro Finance establishments are mainly women Self-Help Groups (SHGs) from villages.
This new ratification will give relief to the women SHGs”
The State Cabinet further approved the proposal of reestablishment to flood and erosion victims. The flood victims will get Rs. 5 lakhs for loss of house and farmland.
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