Bengaluru, Feb. 12 -- Karnataka Chief Minister Siddaramaiah on Wednesday announced that the state government will soon implement an ordinance to prevent microfinance companies from harassing borrowers, adding that the ordinance has received the Governor's approval.

In his X post, CM wrote, "An ordinance designed to prevent harassment of borrowers by microfinance companies under the pretext of debt collection has received the Governor's signature. This law will come into effect soon and protect people against illegal loan collection and harassment by microfinance institutions. Don't let anyone make any hasty decision out of fear of harassment from microfinance. Our government is with you."

The state government has planned an ordinance to...