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Amid suicides, Karnataka clears 'tough' law to go after NBFCs

IndiaTimes Thursday, 30 January 2025
The Karnataka cabinet has approved an ordinance imposing non-bailable charges on microfinance and non-banking financial companies that engage in harsh loan recovery practices. This measure aims to curb harassment and suicides linked to aggressive loan recovery. Police will have increased authority to file cases against offending firms, and an ombudsman will be established to oversee these issues.
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