Moneylenders could face stricter rules by end-2015
Bureau will be set up for compulsory credit checks; lending caps to follow
Published on Apr 21, 2014 8:44 AM
Licensed moneylenders face the prospects of tighter lending rules from late next year.
The authorities are looking to set up a Moneylenders Credit Bureau by then, which money- lenders must use to run compulsory credit checks on potential borrowers.
Lending caps will kick in a year later. This means the total amount a person can borrow will be fixed, regardless of how many moneylenders he borrows from.
It is understood that these details were disclosed by the Law Ministry when it sought views from interested parties on the credit bureau last week.
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