Andhra Pradesh Microfinance Institutions Ordinance 2010 Comes Into Force
The government of Andhra Pradesh was forced to introduce this bill to check the rising unrest in the state of Andhra Pradesh after media reports of MFI’s alleged coercive practices led to public outcry and backlash. Speaking to CNBC- TV 18, Mr Vatti Vasantha Kumar, Minister for Rural Development of Andhra Pradesh said “ The interest rate declared by the MFIs is different from the actual and indirect rate that includes hidden charges....