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License Cancellation, Legal Action against Money Lenders Charging Excess Interest Rates

Summary by Hubballi Times
DHARWAD, Dec 7: Deputy Commissioner Divya Prabhu has warned private moneylenders registered under the Karnataka Moneylenders Act, 1961, against charging exorbitant interest rates. Violators will face license cancellation and legal action, she stated during a meeting with private lenders, microfinance companies, and cooperative and lead bank officials. The DC emphasized strict adherence to government regulations, ensuring transparent loan terms a…
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Hubballi TimesHubballi Times

License Cancellation, Legal Action against Money Lenders Charging Excess Interest Rates

DHARWAD, Dec 7: Deputy Commissioner Divya Prabhu has warned private moneylenders registered under the Karnataka Moneylenders Act, 1961, against charging exorbitant interest rates. Violators will face license cancellation and legal action, she stated during a meeting with private lenders, microfinance companies, and cooperative and lead bank officials. The DC emphasized strict adherence to government regulations, ensuring transparent loan terms a…

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Hubballi Times broke the news in on Saturday, December 7, 2024.
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