Regulatory mechanism on Micro Finance Institutions operating in private sector

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..... Regulatory mechanism on Micro Finance Institutions operating in private sector
News and Press Release
Dated:- 25-11-2016

Press Information Bureau Government of India Ministry of Financ .....

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..... e 25-November-2016 17:25 IST Micro Finance Institutions (MFIs) in India can operate in different forms- Non-Banking Financial Companies - Micro Finance Institutions (NBFC-MFIs), Trusts, Societies et .....

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..... c. Depending upon the nature of organisational structure, ownership, level of operations etc., MFIs are regulated under extant laws and guidelines of the Reserve Bank of India (RBI) and money lending .....

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..... laws of State Governments. RBI regulates microfinance entities which are having corporate (company) legal structures i.e. NBFC-MFIs. NBFC-MFIs are regulated by RBI under the provisions of Chapter III .....

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..... B of the RBI Act, 1934. RBI has issued regulatory guidelines and Fair Practice Code for these NBFC-MFIs. RBI has given recognition to two Self Regulatory Organisations (SROs). MFIs which are members o .....

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..... f these Self Regulatory Organisations (SROs) also adhere to a voluntary industry Code of Conduct. This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in writte .....

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..... n reply to a question in Lok Sabha today. ***** DSM/KA
News - Press release - PIB .....

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