Karnataka Chief Minister Siddaramaiah on Wednesday announced that the state government will soon implement an ordinance to prevent microfinance companies from harassing borrowers, adding that the ordinance has received the Governor's approval.
Karnataka Governor Thawar Chand Gehlot signed the ordinance regarding the microfinance rules that the Karnataka government decided on through a Cabinet meeting earlier, the chief minister's office said Wednesday.
Karnataka Deputy Chief Minister DK Shivakumar on Monday said that the government has planned an ordinance to stop the exploitation of the poor by microfinance companies in the name of loan recovery.