Karnataka Governor rejects ordinance aimed to tackle microfinance menace

Bengaluru, Feb 7 (IANS) Karnataka Governor Thaawarchand Gehlot has rejected the ordinance promulgated by the Congress-led government to tackle the Microfinancing Institutions’ (MFIs) menace. Confirming the development, the Chief Minister’s Office (CMO) said that the governor rejected the ordinance, stating that the punishment of 10 years and a fine of Rs 5 lakhs is “excessive.” … Read more