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Stating that some Non Banking Finance Company-Microfinance Institutions (NBFC-MFIs) are making wider net interest margins, RBI Governor Shaktikanta Das on Wednesday asked entities to be "judicious" in using the flexibility on the interest rates they charge from borrowers.
According to the report, the MFI sector has immense growth potential with the market size estimated by MFIN to be around Rs 13 lakh crore during the current fiscal 2023-24. MFIN said that the new regulations have guided the strengthening of governance in microfinance operations.
The Assam government has introduced legislation to exclude entities regulated by the Reserve Bank of India (RBI) from the Assam Microfinance Institution (Regulation of Money Lending) Act, 2020. This move aims to avoid dual regulation and address loan defaults and stress in rural households.
RBI may bring uniform regulation for all microfinance lenders SECTIONS Share Synopsis While RBI did not specify anything more, captains of the microfinance sectors expect the activity-based regulation to replace the current framework of institution-based regulation to put all microfinance lenders on the same platform. Monetary Policy highlights: RBI restores CRR, allows online access to government securities market Kolkata: Reserve Bank of India said it would streamline regulations for banks and microfinance companies to enhance delivery of last mile credit and strengthen consumer protection....
From response to recovery: How COVID-19 crisis spurred turnaround of microfinance industry The pandemic-led crisis has accelerated an overdue transition to digitalisation in business processes and enhanced efforts to address slow-burning issues such as liquidity management, cash, diversification, and capital Sugandh Saxena | January 19, 2021 | Updated 11:01 IST Nine months on, economic activities have largely resumed for most customers and NBFC-MFIs seem to have endured the COVID-19 crisis well NBFC-MFIs provide micro-credit loans (mostly Rs 30-50 thousand loans) totaling over Rs 70,000 cror...