RBI’s Sinha calls for enhanced regulation of microfinance
Anand Sinha, a deputy governor of the Reserve Bank of India (RBI), said in a speech released on April 27 that enhanced governance is needed if the aims of the microfinance sector are to be achieved.
Sinha said that, while the microfinance (MFI) sector can play a big part in efforts to promote financial inclusion, there has been a downturn in the prospects for the sector during the past year due to "reported excesses of some MFI institutions", particularly in pioneering state Andhra Pradesh.
The
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