Kohima: The Nagaland State Commission for Women gathered in Kohima this Friday to overhaul the Nagaland Money Lenders Act of 2005. Officials met at the SIRD conference hall to tighten rules against predatory lending. They want to stop exploitative practices hitting women hard. The National Commission for Women ordered the review to boost oversight of registered lenders. It also targets unregistered private lenders operating in the shadows.
The commission seeks better enforcement and legal penalties for rule breakers. They aim to shift the lending system. "The goal is to foster an environment where credit acts as an economic ladder rather than a financial trap," the NSCW said. This move hopes to shield the economic security and dignity of citizens across the state.
Experts broke down the law during a technical session. Neiko Akami of the Nagaland State Legal Services Authority flagged legal gaps. Dr. Riku Khutso detailed the hurdles in day-to-day implementation. Kekhriengulie from the Department of Law and Justice mapped out coordination strategies. Dr. Rosemary Dzuvichu of the Naga Mothers Association highlighted the rise in complaints from borrowers. She urged immediate reforms to protect vulnerable groups from debt cycles.
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