During the course of its recently organized 2nd Extraordinary General Meeting (EGM), SATYA MicroCapital Limited has confirmed the appointment of Ms. Surekha Marandi, Former ED – Reserve Bank of India & renowned Financial Inclusion Expert as its Independent Director for a second term of five consecutive years with effect from February 28, 2025. … Read more
Bengaluru, Feb 13 (IANS) With the implementation of the Karnataka Microloan and Small Loan (Prohibition of Coercive Measures) Ordinance, 2025, the microfinancing institutions (MFIs) operating without license will face the heat as the new law proposes punishment of up to 10 years and a fine of up to Rs 5 lakh. The ordinance came into … Read more
Bengaluru, Feb 12 (IANS) Following Governor Thaawarchand Gehlot’s approving the Ordinance promulgated to contain microfinancing institutions (MFIs), Karnataka Chief Minister Siddaramaiah stated on Wednesday that the law comes into effect with immediate effect. Siddaramaiah announced: “To regulate and restrict the harassment, mental abuse, and unlawful, inhumane actions committed by microfinance companies, private financial institutions, or … Read more
Bengaluru, Feb 12 (IANS) Karnataka Governor Thaawarchand Gehlot on Wednesday approved 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 government had sent the ordinance related to microfinance along with the explanation requested by the Governor to Raj Bhavan. … Read more
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
Mandya, Feb 6 (IANS) Karnataka Leader of the Opposition R. Ashoka on Thursday alleged that the Karnataka Police “supported” microfinance institutions to harass people in the state. “Despite poor people dying due to harassment by microfinance institutions, Chief Minister Siddaramaiah has turned a blind eye to the issue,” he claimed. Ashoka further alleged that the … Read more
Bengaluru, Feb 3 (IANS) The Congress government in Karnataka stated on Monday that microfinance companies are using rowdies to harass and threaten people, and their activities will be curbed. Speaking to reporters in Bengaluru, Deputy Chief Minister D.K. Shivakumar addressed the issue of harassment by microfinance companies, stating, “My government will take action to protect … Read more
Mysuru (Karnataka), Jan 31 (IANS) Karnataka Chief Minister Siddaramaiah on Friday assured people of action against microfinance companies and urged them to file complaints against the firms if their representatives harass them. CM Siddaramaiah assured the people saying, “File a complaint with the police, the government is with you.” Speaking to the media in Mysuru, … Read more
Bengaluru, Jan 31 (IANS) Karnataka Home Minister G. Parameshwara said on Thursday that the state government’s priority is to stop suicides due to alleged harassment by the microfinance companies in the state. Speaking to reporters in Bengaluru at his residence, Parameshwara said the draft of the ordinance to contain microfinance companies indulging in harassment has … Read more
