Microfinance News Digest

Independent Directors quit Boards of Indian MFI’s fearing arrests under Microfinance Bill

Many independent directors have quit MFIs fearing persecution: Parekh

The passing of the Andhra Pradesh Microfinance Institutions (Regulation of Moneylending) Act on December 15 has led to “consternation” among independent directors and many of them have resigned fearing arrest, Parekh said in a public lecture on governance at the Indian Merchants’ Chamber (IMC) here. Read the rest on Business Standard

15 lakh MFI clients waiting for loans in Andhra Pradesh

About 15 lakh people are now waiting for loans from microfinance institutions (MFIs) in Andhra Pradesh withstringent regulations put in place for the sector.Microfinance Institutions Network

“Prior to promulgation of the MFI Ordinance in October, the monthly disbursals in the State exceeded Rs 260 crore. Now, 15 lakh applicants are waiting for loans from different MFIs,” Mr Alok Prasad, Chief Executive Officer, Micro Finance Institutions Network (MFIN), an industry body, told Business Line. Read the rest on Hindu Businessline

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