The Indian state of Karnataka’s Minister for Cooperatives Mr Lakshmana Sangappa recently announced that the government is planning to create a new post of Minister of Microfinance to implement microfinance facilities to support the poor. No details are provided regarding the level of funding planned for this effort.
According to Mr Sangappa, legislation is also being drafted to regulate pawn brokers and money lenders, and that the proposal will include the establishment of an oversight committee. No further information is available regarding whether oversight of microfinance institutions would be included in the legislation.
By Jennifer Shevock, Research Associate
Sources and Additional Resources:
“Karnataka Govt to create new post of Micro Financing Minister” http://indiamicrofinance.com/minister-micro-financing.html
MICROCAPITAL BRIEF: “Association of Karnataka Microfinance Institutions, EDA Rural Systems and CGAP Release Report, ‘Competition and the Role of External Agents: The 2009 delinquency crisis in southern Karnataka’” August 17, 2010. https://www.microcapital.org/microcapital-brief-association-of-karnataka-microfinance-institutions-eda-rural-systems-and-cgap-release-report-competition-and-the-role-of-external-agents-the-2009-delinquency-crisis-in-souther/
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