Microfinance Bill to be enacted in Winter session of Parliament in November 2009

The winter session of parliament is expected to be held in mid November.

Government to enact Microfinance Bill in Winter Session

The microfinance bill seeks to entrust the function of development and regulation of the microfinancial sector to the National Bank for Agriculture & Rural Development. The microfinance bill got delayed as the Left parties wanted a cap on interest rates that these institutions could charge.

“There will be certain changes in the bill from the earlier one as the sector has become more mature over time,” the official said. This committee on regulation of investment advisors headed by PFRDA chairman D Swarup said this month that the Micro Financial Sector (Development and Regulation) Bill, to be tabled in Parliament soon, will address the problems related to the sales of microcredit products.


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