Crackdown on private microfinance institutions: Oommen Chandy

THIRUVANANTHAPURAM: The Kerala government plans to crack down on private microfinance institutions in the state in view of complaints that some of them are exploiting the public by charging high rates of interest, Chief Minister Oommen Chandy said here on Wednesday.

A total of 43 cases had been registered against such institutions in different parts of the state, Chandy said in reply to a submission on the subject by V S Sunilkumar (CPI) in the assembly.

Strict legal action would be taken against institutions and individuals who exploit the people and also charge exhorbitant interest after lending loans, he said.