Sivasagar DC Dr. MS Lakshmi Priya Serves Notice to Microfinance Institutions

A CORRESPONDENT

GAURISAGAR: The Deputy Commissioner of Sivasagar, Dr. MS Lakshmi Priya vide a notice issued on November 18, asked all microfinance institutions operating in the district to submit their certificate of registration. The Deputy Commissioner through this order also asked the microfinance institutions to submit other relevant documents of institutions concerned within the next seven days.

The order further stated that failing the same, it would be assumed that the institution did not have valid documents for carrying out the financial transactions. It also stated that the inability to produce valid certificates would attract penal provisions against such institutions as per law. The Deputy Commissioner also appealed to the general public to bring to the notice of the district administration if any such micro-financial institution was found to be involved in mala fide or illegal financial activities.

The Deputy Commissioner also stated that if any public was found conniving with any unlawful or illegal financial activities or institutions, strict action would be initiated against such individual or organization. This order was issued following several complaints against some microfinance institutions operating in the district.

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