Mysore/Mysuru: The Co-operation Department has warned that legal action will be initiated against non-Banking financial institutions and pawn brokers if they are found charging the customers more interest than permitted.
In a Press release, G.R. Vijayakumar, Deputy Registrar of Co-operative Societies, said that the Department has been receiving complaints about non-Banking financial institutions and Pawn Brokers in Mysuru district charging customers a higher interest than stipulated by the Government. Hence, legal action will be initiated against such financial institutions and pawn brokers who charge a higher interest than stipulated.
Also, all pawn brokers are required to display the Government stipulation in bold, on their notice boards for the benefit of customers and members of the public, the release said.