Ministers propose online portal to track microfinance loans

BENGALURU: Law Minister HK Patil and Revenue Minister Krishna Byre Gowda on Saturday held a meeting with senior officers to draft a new law aimed at curbing the excesses of microfinance institutions.

According to a statement from the revenue minister’s office, during the meeting, several key measures, including an online portal to track and update details on loan disbursements, ensuring transparency and preventing over-lending that traps the poor in debt cycles, were proposed.