HYDERABAD: The state unit of the BJP has demanded that the Centre withdraw the draft Bill on micro finance institutions, which was conceived by AICC general secretary Rahul Gandhi.Addressing a media conference here on Friday, the party official spokesperson NVSS 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.He demanded that the chief minister N Kiran Kumar Reddy should lead an all-party delegation to Delhi to discuss the issue with the Union finance minister Pranab Mukherjee without any delay.“The proposed Bill 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.‘’Through the proposed draft bill the state government will not have any control and the MFIs would be allowed to run business with 24 per cent interest rate anywhere in the country by registering with the RBI. The proposed bill would not give any scope to control the money-lending activity in the state,’’ he said.The BJP would also raise the matter in the ensuing Parliament session, he said.
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