On Thursday, to regulate the activities of Micro-finance companies, the AP Chief Minister Mr. K Rosaiah had called a meeting with State Cabinet. He said that while drafting the order, to curb the activities of MFIs, they have taken the legal opinion of the state advocate general and the other legal experts.

He further said that if MFIs persisting in indulging in illegal activities and beleaguer the poor, the govt. will take most severe action against them.

He warned the MFIs that his government would initiate the most stringent action against them if they harassed the poor and indulged in unlawful activities. Chief secretary SV Prasad, rural development minister Vatti Vasantha Kumar and other top officials were present in the meeting with Mr. Rosaiah where they discussed the actions to curb the unlawful activities of the MFIs.

Tomorrow, he is holding a video conference with superintendents of police and district collectors to issue them a directive to take action against rogue MFIs. The bankers were also requested by the Chief Minister that the (SHGs) self-help groups should be provided more credit by them.