A draft of microfinance legislation is ready to be put before the Indian Parliament within the next three months. The legislation will focus on regulating and developing the growing microfinance sector in India. The bill aims to nurture the microfinance movement in India, replacing informal local moneylending, as well as expanding and enforcing regulation within the sector. Vinod Rai, special secretary for banking in the finance ministry, announced this news at a seminar organized by the Confederation of Indian Industry (CII).
Continue reading “Microfinance Bill to be Introduced Before Indian Parliament in Winter Session”
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