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Andhra Pradesh
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Hyderabad
Call for greater bank-MFI synergy
Special Correspondent
HYDERABAD:
An internal working group, constituted by the Reserve Bank of India (RBI), has suggested two models of appointing micro finance institutions (MFIs) by commercial banks as "banking correspondents" for providing transaction services.
The working group was formed after the Central Government enabled banks to appoint MFIs as banking correspondents.
The group's recommendations are being examined and the RBI is ascertaining if MFIs would be successful and the type of activities they would handle. "Banks would have to engage correspondents based on track record and rating," the RBI Deputy Governor V. Leeladhar said. In a message to a conference on "Mainstreaming micro-finance: Implications and challenges", organised by Sa-Dhan here on Thursday, he said it was imperative that banks and MFIs build synergies in areas of micro-finance and development.
Following the re-design of Micro Finance Development Fund as Micro Finance Development and Equity Fund and the constitution of a Rs. 200 crores corpus, MFIs now had access to the fund to meet their requirement.
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