Ordinance to stop torture of the poor by microfinance companies: DCM DK Shivakumar

 Bengaluru: Deputy Chief Minister DK Shivakumar today said that the government had planned an ordinance to stop the torture of the poor by microfinance companies in the name of loan recovery. 

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

Asked about the torture continuing in spite of warnings by the government, he said, "Many FIRs have been filed against microfinance companies in Belagavi, Bidar, Mysuru, Ramanagara. The CM and the Cooperative ministers have already issued stern warnings in this regard. An ordinance is ready and it will be sent to the Governor in a couple of days. We have also started helplines in every district headquarters. The CM will also hold meetings on this with senior police officials."

Asked about Union Finance Minister Nirmala Sitharaman's statement, he said, "It is important to understand how much debt the Centre has acquired. Our State government's debt is not high. The PM has alleged that the state will go bankrupt due to guarantee schemes, but we have sound finances. The guarantee schemes are for the people and not for votes. Let her list out what has been given to the state in the Union budget.

Asked about non-release of funds for the Upper Bhadra project, he said, "One has to keep his or her word. Let her first fulfil the promise first."

Asked if any JDS MLA was in touch with him, he said, "I haven't spoken about JDS MLAs. I only said that the JDS MLAs must look after their own future. How long will the workers wait. They believe in secularism and they need a secular party to align with. Many JDS workers have come forward to join us."

Asked if any JDS MLA had come forward to join the party, he said, "We will think about that later. No one is in touch with us and I have not spoken to anyone. This is false information.