Microfinance still key to inclusion despite flaws – RBI deputy
Excessive debt and “coercive recovery practices” demand reform, says Rajeshwar Rao
Microfinance remains “one of most important financial tools to foster financial inclusion”, but recent developments call for urgent reform, the Reserve Bank of India’s Rajeshwar Rao said in a speech today (October 27).
The sector has changed greatly since the RBI started to embrace microfinance institutions (MFIs) in the 1990s, the deputy governor said. Only non-bank MFIs are covered by current regulations, but other lenders such as small finance banks have grown up in recent years, coming to
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