The AP High Court on Friday granted two weeks’ time to microfinance institutions in the state to get themselves registered with the district rural development agency (DRDA).
A two-member division bench, while dealing with a petition filed by SKS Microfinance, modified its earlier order, which allowed MFIs a week for registration and two days for submission of transaction details. Read more on Business Standard
AP forms 4 committees for implementing ordinance on MFIs
The Andhra Pradesh government today constituted four working committees for effective implementation of an ordinance issued by it to regulate the functioning of Micro-Finance Institutions (MFIs).
“It was noticed that there are many queries from both MFIs and the district-level Registering Authorities (RA) about interpretation of provisions of the Ordinance. Besides, there are many writ petitions filed before High Court challenging various provisions of the Ordinance and the Rules,” a GO issued by Rural Development department said. Read more on Business Standard
And now, micro home loans
At a time when the microfinance industry has come under scanner after a number of suicide cases reported in Andhra Pradesh, Hyderabad-based Basix Group has launched a model that provides safe housing solutions, backed by micro home loans and livelihood schemes. The microfinance firm plans its own micro-finance housing arm by 2011. Read more on Hindustan Times