Finance cos warned against collecting high interest on loans

Hubli, May 4 (UNI) Karnataka Home Minister M P Prakash today warned authorised private finance companies and money lenders against collecting high interest rates for loans they advance to the people.

Speaking to newspersons here, he appreciated the efforts of Hubli-Dharwad police in nabbing a few owners of money lending companies in this regard and said he would write to the Superintendents of Police of all districts in this regard.

Replying to a question, Mr Prakash said the cabinet had already approved in principle the issue of giving more teeth to the Lok Ayukta. Twenty police officials in the rank of Deputy SPs would be posted to Lok Ayukta to help conduct raids in place of Inspectors.

A cabinet sub-committee would study the aspect of giving more powers to the Lok Ayukta and submit its report within ten days, he said.

UNI