Hyderabad: The Bharateeya Janata Party (BJP) on Friday demanded that the Centre withdraw the draft Bill on Micro Finance Institutions, which was conceived by the AICC general secretary, Mr Rahul Gandhi.
Addressing a media conference here, the party official spokesperson, Mr N V S S Prabhakar, said that the Micro Finance Institutions’ draft Bill prepared by the Centre was full of flaws. The Centre has prepared the Bill diluting the Micro Finance Institutions Money Lending Regulation Act made by the State government to check their illegal practices. The Centre has planned to replace “money lending” with Development Regulatory Authority, he alleged.
“The Bill of the Centre will give a great relief to the Micro Finance Institutions from the restrictions and regulations put by the State government on them. With this, exploitation of the gullible people by Micro Finance Institutions will go unhindered”, he alleged.
He also alleged that Mr Rahul Gandhi played a key role in preparing the draft Bill. The Chief Minister, Mr N. Kiran Kumar Reddy, should lead an all-party delegation to New Delhi to raise objections to the draft Bill. The BJP would also raise the matter in the ensuing Parliament session, he added.