GUWAHATI: Demanding a new Act to regulate the micro-financing companies operating in the State, Leader of Opposition Debabrata Saikia moved a resolution in the Assam Assembly on Tuesday. Pointing out that approximately 34 such firms are operating in Assam, Saikia said that “these micro-financing companies provide easy loans to people without any specific guidelines. As a result, many go for loans but fail to repay the amount owing to the high rates of interest. There have also been reports of many such people committing suicides in the rural areas after taking such loans; some have also fled from their villages. Hence, there is the need to regulate such micro-financing firms. “
The discussion in the House, however, remained incomplete.