Bengaluru, Feb. 3 -- Karnataka Deputy Chief Minister DK Shivakumar on Monday said that the government has planned an ordinance to stop the exploitation of the poor by microfinance companies in the name of loan recovery.

Speaking to reporters at his Sadashivanagar residence, Shivakumar said, "Our government will not allow microfinance companies to take the law into their hands and torture the poor using hooligans. We will give more power to the police to handle this."

When asked about the continuing torture despite warnings by the government, he said, "Many FIRs have been filed against microfinance companies in Belagavi, Bidar, Mysuru, and Ramanagara. The CM and the cooperative ministers have already issued stern warnings in this regard....