Bare Act

The Jharkhand Private Money Lending (Prohibition) Act, 2016

This legislation enacts a comprehensive prohibition against private money lending by individuals, partnerships, and companies operating outside the formal banking sector. It targets unlicensed lenders and Non-Banking Financial Companies, aiming to protect citizens from predatory practices, excessive interest rates, and harassment associated with unauthorized credit. By criminalizing these activities, the Act seeks to bring financial discipline to the market, ensuring credit is provided only through licensed institutions. This measure is essential for preventing unsecured debt traps, safeguarding vulnerable borrowers, and fostering a transparent and regulated financial environment within the state.

PDF: pending for this language.