Staff Reporter

VIJAYAWADA: District Collector Navin Mittal on Thursday said that following reports of the Micro Finance Institutions (MFIs) charging high rates of interest, the Government reached an agreement with banks to `collect existing live loans and extend fresh loans with 15 per cent diminishing rate besides adjusting security deposit and savings from the outstanding principal amount.'

Mr. Mittal communicated to the public to repay outstanding amounts deducting security deposit and savings along with 15 per cent interest at diminishing rate, according to an official press release.