TN money lending Bill won’t affect regulated lenders: Muthoot CEO

Muthoot Finance's CEO clarified that Tamil Nadu's new money lending bill primarily targets unregulated operators, not RBI-registered NBFCs. The legislation introduces stricter licensing and interest rate caps to curb loan shark practices. Organized lenders welcome the move as it levels the playing field against illegal operators who charge exorbitant rates. However, industry bodies have requested clarification on certain provisions to ensure smooth implementation. The bill reflects states' growing focus on consumer protection in retail lending.