Bengaluru, Feb 2 (PTI) Karnataka Home Minister G Parameshwara on Sunday said that intense deliberations are on regarding the draft bill to protect borrowers from the menacing microfinance companies.
Speaking to reporters here, he said the bill should be drafted in such a manner that it should pass legal scrutiny as well.
"We are making additions and deletions in the (proposed) bill so that it can fit in within the frame of law because once the bill is ready it should not be stayed by the court," Parameshwara said.
He added that Chief Minister Siddaramaiah had directed the officials to interlink the existing laws related to the money lending business.
"The chief minister had instructed the officials (on Thursday) to prepare the bill in three days. If that is ready then it will be sent to the Governor's assent," the Home Minister said.
In the wake of suicides, torture, manhandling, confiscation of properties and people fleeing their homes due to the atrocities by the microfinance companies and their executives, Siddaramaiah directed officials to prepare a draft to protect the borrowers. PTI GMS KH