Speaking at the banker's committee meeting here, he said this would rescue to a certain extent people from the over exploitation of private money lenders like 'blade mafia', who charge exorbitant interest rates.
Home Minister Ramesh Chennithala, Finance Minister K M Mani, Chief Secretary, Additional chief Secretary and other officials were also present at the meeting.
The state government has stepped up its operations against illegal money lenders following recent suicide by five members of a family here allegedly due to huge debts on account of high-interest loans.
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