Assam Government to authorize Micro Finance establishments

Assam Government to authorize Micro Finance establishments

Guwahati, December 14 : Assam Government on Sunday has approved the proposal to bring the new legislation for controlling Micro Finance Firms.As per Reserve Bank of India (RBI) guidelines and reports, the Micro Finance Firms charge excessive interest from borrowers. In a meeting of the state cabinet, state Chief Minister Sarbananda Sonowal decided to keep in control all the Micro Finance establishments. The State Cabinet further approved the proposal of reestablishment to flood and erosion victims. The flood victims will get Rs. 5 lakhs for loss of house and farmland.

By: R News India 24