RBI governor speaks on microfinance regulation challenges
The governor of the Reserve Bank of India (RBI), Duvvuri Subbarao, delivered a speech on July 4 in which he reviewed problems caused by unregulated microfinance institutions (MFIs) and set out measures designed to address these issues.
Speaking at the Indian Overseas Bank platinum jubilee oration series in Chennai, the RBI governor said initial poor regulation of MFIs had led to allegations of "usurious interest rates, coercive recovery practices and multiple lending", but that the subsequent
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