26th APRIL 2025 ENGLISH TNPSC CURRENT AFFAIRS PDF TNPSC SHOUTERS
New amendment bill to prevent forced debt collection introduced in Tamil Nadu Assembly
- Deputy Chief Minister Udhayanidhi Stalin introduced a new amendment bill in the Assembly to prevent forced debt collection by credit institutions to individuals, self-help groups, etc. Credit institutions are resorting to improper means to collect it. This bill has been brought to protect the economically backward and vulnerable sections.
- Forcible debt collection is punishable by imprisonment for up to 3 years. No bail is available. If the borrower commits suicide due to forced debt collection, the loan institution will be considered to have instigated the suicide.
- Companies should not threaten, pursue or take away the property of the borrower or his family. Deputy Chief Minister Udhayanidhi Stalin has introduced a new bill in the Legislative Assembly that would allow the government to appoint a grievance tribunal to resolve disputes between borrowers and lending institutions.
