T.N. Warns Against Physical Collection Of Interest On Loans

Any violation of order will invite criminal action, says govt.

- Dennis S. Jesudasan

The Tamil Nadu government on Thursday ordered private banks, microfinance institutions, and self-help groups to stop, until further orders, collection of daily, weekly, monthly interest or capital from customers. After a meeting chaired by Chief Minister Edappadi K. Palaniswami at the Secretariat, the government warned that, in light of the economic inactivity following the COVID-19 lockdown, those violating the order will face criminal action.