A uniform regulatory framework for microfinance sector

A uniform regulatory framework for microfinance sector
Author(s):
Dr. Meghna Meena
Keywords:
Microfinance, Financial inclusion, Consultative Document, Protecting and Empowering
Abstract
Microfinance is a form of financial services for poor and low-income households in form of small loans. It is an economic tool designed to promote financial inclusion which enables the economically weak section of society to come out of poverty and improve their overall way of living. The Reserve Bank of India recently issued its Consultative Document on Regulation of Micro finance sector for protecting and empowering low income borrowers in India by encourage competition among lenders to bring down the interest rates. As per the framework, the micro loans should be controlled by a common set of guidelines regardless of who gives them.
Article Details
Unique Paper ID: 153539 Publication Volume & Issue: Volume 8, Issue 7 Page(s): 457 - 460
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