Amendment status not verified — confirm the current text below against the official source.
Repeal of Ordinance 9 of 2010 ANDHRA PRADESH MICRO FINANCE INSTITUTIONS (REGULATION OF MONEY LENDING) ACT, 2011 (ACT NO. 1 OF 2011) [01 January, 2011] AN ACT TO PROTECT THE WOMEN SELF HELP GROUPS FROM EXPLOITATION BY THE MICRO FINANCE INSTITUTIONS IN THE STATE OF ANDHRA PRADESH AND FOR THE MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO. Whereas, Government of Andhra Pradesh has facilitated organization of the below poverty line households into Self Help Groups (SHG) for the purpose of their economic advancement by achieving financial inclusion through linking with the banking network; And whereas the endeavor of the State is to protect the interests of SHGs and relieve them from the undue hardship by regulating money lending transactions by the money lending MFIs, who are providing loans to SHGs with usurious interest rates and resorting to coercive means of recovery resulting in impoverishment and at times leading to suicides of the borrowers. BE it enacted by the Legislature of the State of Andhra Pradesh in the Sixty first year of the Republic of India as follows:-