Bengaluru, Jan 24 (PTI) The Karnataka government is working on drafting a new law in view of public outrage over exploitative microfinance companies, said Minister H K Patil on Friday.

Chief Minister Siddaramaiah has convened a meeting on Saturday to discuss the issue in detail, the Karnataka Law and Parliamentary Affairs Minister told reporters here.

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"The chief minister has called for an urgent meeting tomorrow. It was felt that a special law is needed to prevent the exploitation of people," he said, and added that the government plans to introduce the Karnataka Micro-Institution of Money Lending Bill.

Many people in various parts of Karnataka died by suicide, others fled their homes, and women staged protests, accusing the government of failing to take adequate action against microfinance companies.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)