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Madhya Pradesh government may amend Money Lenders Act
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India, May 16 -- The Madhya Pradesh government is considering amending the 84-year-old Money Lenders Act to define the payment schedule and caps on interest rates in an attempt to help farmers who have borrowed from moneylenders.
Government officials familiar with the matter said that the move comes against the backdrop ta suicides by at least four debt-ridden farmers over the past three weeks; all four had borrowed from moneylenders.
The decision was taken after a meeting of the state's chief secretary with bankers, officials of non-banking financial companies (NBFCs), the state's finance, agriculture, and other relevant departments, the officials added.
They said that the Madhya Pradesh finance and law departments have been tasked wi...
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