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June 24, 2024 12:01 am

Strict action to be taken against lending firms not following RBI fair lending practices code: Harpal Cheema

The Fact News Service
Chandigarh, October 6

Punjab Finance Minister Advocate Harpal Singh Cheema on Thursday warned the lending firms violating the RBI Fair Lending Practices Code that strict action would be taken in case any such case is brought to the government’s notice.

The Finance Minister issued this warning while chairing the meeting of the Joint Front of Rural and Farm Labourer Unions. The front apprised the minister that many lending firms including some microfinance firms were resorting to pressure tactics and unfair recovery practices. Taking serious note of this, Cheema directed the Finance Department to report any such incident to RBI  recommending strict action including the cancellation of the pan India license of such institutions.

During this high-level meeting which lasted for two hours, the demands of the front were discussed in detail by the finance minister. Senior officials from Police, Social Security, Power, Cooperation, Food and Civil Supplies, Rural Development, and Finance Departments were present at this meeting. The Finance Minister directed these officials to take action on all such demands where immediate action is possible.

To fulfill the other legitimate demands of the front, Cheema sought a separate report from the concerned departments regarding the financial and legal implications. He also directed the concerned official to hold the meeting with the representatives of the front when and where needed to resolve their issues at the earliest.

The Finance Minister also assured the Joint Front of Rural and Farm Labourer Union that he would soon arrange the front’s meeting with the Chief Minister Bhagwant Mann to discuss those demands which could be resolved only at the level of the Chief Minister.

ADGP Law and Order Arpit Shukla and Special Secretary Finance Yashanjit Singh were also present at this meeting.

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