Wednesday, May 04, 2005
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NEW DELHI: A draft legislation on micro finance institutions (MFIs) is likely to be prepared in a couple of months, a senior government official said on Tuesday. "The Government is actively thinking of a legislation on micro finance institutions to provide credibility to these bodies. We hope to have a draft in two months,'' said Vinod Rai, Additional Secretary, Finance Ministry, at a NABARD seminar. The draft will be put up for public debate, inviting suggestions from all stakeholders, he said. He expressed the hope that the proposed legislation would not curb the basic tenets of micro finance and would lend legal sanctity to MFIs. Mr. Rai emphasised on the need for regulations for micro finance institutions. C Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, said instead of regulations, there should be some guidelines for the sector to begin with. Beginning should be made with self-regulatory organisations instead of directly going for a regulator, he added. — PTI
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