Home Minister G. Parameshwara on Tuesday said that the maximum imprisonment for erring microfinance institutions had been increased from three to 10 years in the final draft of the Ordinance.
Two managers of Bridge Micro Credit have been put before court for confiscating 955 pieces of women’s dresses from a customer’s shop for defaulting on loan payments.
In a statement, the PMC stated that there are 438 government-owned properties with pending dues of Rs 142 crore and steps are being initiated to recover the dues.