Chandigarh, Oct 6 (PTI) Punjab finance minister Harpal Singh Cheema on Thursday warned of taking strict action against those lending firms which violate the RBI’s fair lending practices code.
He stated this after representatives of the joint front of rural and farm labour unions apprised him that many lending firms, including some microfinance companies, were resorting to pressure tactics and unfair recovery practices.
Taking serious note of this, Cheema directed the finance department to report any such incident to the Reserve Bank of India, recommending strict action, including the cancellation of the pan-India licence of such institutions.
The FM was chairing a meeting of the joint front here, said an official statement here. PTI CHS HVA HVA
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Source: The Print
