Chandigarh, Oct 6 (PTI) Punjab finance minister Harpal Singh Cheema on Thursday warned of taking strict action against those lending firms which violate the RBI's fair lending practices code.

He stated this after representatives of the joint front of rural and farm labour unions apprised him that many lending firms, including some microfinance companies, were resorting to pressure tactics and unfair recovery practices.

Also Read | Google Pixel 7 Pro, Pixel 7 Launched in India; Check Price & Other Details Here.

Taking serious note of this, Cheema directed the finance department to report any such incident to the Reserve Bank of India, recommending strict action, including the cancellation of the pan-India licence of such institutions.

The FM was chairing a meeting of the joint front here, said an official statement here.

Also Read | Punjab: 2,500 Posts in Police Department To Be Filled Up Soon, Exams Later This Month, Says CM Bhagwant Mann.

(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)