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Mizoram law to stop exploitation by NBFCs

By Newmai News
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AIZAWL, July 13 � In order to protect the people of Mizoram from being exploited by the non-banking financial companies and micro finance companies, members of the Mizoram Assembly unanimously passed the Mizoram Money Lenders And Accredited Loan Providers (Regulation) (First Amendment) Bill, 2011 in the ongoing Assembly session here, sources said today.

Moving the bill, State Finance Minister H Liansailova said the objective of the amendment is to bring non-banking financial companies and micro finance companies under the regulative purview of the Mizoram Money Lenders And Accredited Loan Prividers Regulation Act, 2010 and the rule framed under it to protect people of the State from exploitation in the hands of the non-banking financial companies and micro finance companies.

He also said, the RBI Act, 1934 as amended in January 1997 did not provide provision for regulating the rate of interest that may be charge by non-banking financial companies. The issues connected with forfeiture of security created shortcoming of the Act which needed to be addressed to prevent loss of their securities which are, in most of the cases plots of land or houses.

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Mizoram law to stop exploitation by NBFCs

AIZAWL, July 13 � In order to protect the people of Mizoram from being exploited by the non-banking financial companies and micro finance companies, members of the Mizoram Assembly unanimously passed the Mizoram Money Lenders And Accredited Loan Providers (Regulation) (First Amendment) Bill, 2011 in the ongoing Assembly session here, sources said today.

Moving the bill, State Finance Minister H Liansailova said the objective of the amendment is to bring non-banking financial companies and micro finance companies under the regulative purview of the Mizoram Money Lenders And Accredited Loan Prividers Regulation Act, 2010 and the rule framed under it to protect people of the State from exploitation in the hands of the non-banking financial companies and micro finance companies.

He also said, the RBI Act, 1934 as amended in January 1997 did not provide provision for regulating the rate of interest that may be charge by non-banking financial companies. The issues connected with forfeiture of security created shortcoming of the Act which needed to be addressed to prevent loss of their securities which are, in most of the cases plots of land or houses.

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