To summarize a recent article about the atmosphere of the microfinance sector in India:
An increasing number of microfinance institutions (MFIs) are seeking non-banking financial company (NBFC) status from the Reserve Bank of India (RBI) to get wide access to funding, including bank finance. In the last couple of months, the central bank has granted fresh licenses to around 10 such organizations. MFIs such as Biswa in the East, Grameen Koota in Bangalore, Bandhan in West Bengal have already received NBFC licences from the RBI, while start-up institutions like Ujivan in Bangalore and Opportunity International in Chennai have also been granted approvals.
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