Section 8 in Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Rules, 2011
8. Renewal of Registration.
(1)Every Micro Finance Institution registered as stated above and desirous of continuing operation of money lending after completion of the one year period, shall apply for renewal of Registration as per the provisions of sub-section (4) of Section 3 of the Act in Form 4 listing therein name-wise details of the borrowers along with the purpose for which loan has been given and the interest rate charged.(2)Every application for renewal shall be verified by the Registering Authority by publishing the relevant details in the villages/wards through the Village Organisation or Slum Level Federation or any other person or agency authorised by the Registering Authority inviting objections if any, for such renewal within such date as shall be specified.(3)All objections received from the Self Help Groups or the Village Organisations or the Slum Level Federations, shall be got verified by the Registering Authority to satisfy himself about the compliance of the Micro Finance Institution to the provisions of the Act and these rules.(4)If any of the details furnished by the Micro Finance Institution in the application filed for renewal, either based on the verification done by the Registering Authority or based on complaints received from public, are found to be incorrect, or if the Micro Finance Institution is found to have violated any of the conditions of the Act, the Registering Authority shall refuse renewal in writing stating the reasons therein.(5)The Registering Authority shall also launch prosecution under the relevant provisions of the Indian Penal Code, 1860 in all cases of furnishing false inFormation.
