💨 Abstract

The Karnataka government re-sent the microfinance ordinance to the Governor for his assent, after addressing his concerns about regulatory excesses. The ordinance aims to protect borrowers from harassment by microfinance institutions (MFIs) and includes penalties such as imprisonment and fines. However, the Governor expressed concerns about the proposed ordinance's impact on lawful lenders, fundamental rights, and the state's business prospects.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖