FM for slamming errant money lenders

New Delhi, Mar 14: Coming down heavily on errant money lenders, who give loans to farmers much beyond the stipulated interest rates, Finance Minister P Chidambaram today urged the Chief Ministers to crackdown on such activities.

When asked in the Upper House that some farmers are subjected to interest rates as high as 36 per cent, Mr Chidambaram said since it is a state subject, the Chief Ministers of the respective states have to take a lead in it.

He said lending money at higher rates is also a subject of List 2 of the Constitution.

UNI