RBI Releases Consultative Document on Regulation of Microfinance
On 14th June, 2021, Reserve Bank of India released a Consultative Document on Regulation of Microfinance sector.
Aim
- To address the concerns related to the over-indebtedness of microfinance borrowers and empowering them.
- Harmonising the regulatory frameworks for various regulated lenders in the microfinance space.
Need
- Ineffective Rules and Regulations: At present, Microfinance Institutions are governed by NBFC-Micro Finance Institutions (Reserve Bank) Directions, 2011. So the new document is much needed to govern the growth and misuse of Microfinance Sectors.
- Increased Share of Banks and Small Finance Banks: After 2015 the banks and small finance banks started increasing their operations in Microfinance Sector. ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Bharat Cleantech Manufacturing Platform
- 2 Five New Industrial Clusters from India join WEF Initiative
- 3 Logistics Ease Across Different States (LEADS) 2024 Report
- 4 Team Initiative:Boosting Digital Commerce for MSMEs
- 5 Diamond Imprest Authorization Scheme
- 6 National Critical Minerals Mission
- 7 Mutual Credit Guarantee Scheme for MSMEs
- 8 National Manufacturing Mission
- 9 Financialisation of the Economy
- 10 Undercapitalization of Indian Debt Market
