Allowing multiple channels to work and compete with each other is the best solution to the MFI problem. Besides, RBI can force them to reveal their cost of funds and justify the loan rates, cap investors’ stakes in MFIs at 5%, and make its approval mandatory for the emolument of the top brass—norms that banks follow. Both the Centre and the state also need to look for a political solution to the Andhra impasse before it’s too late. Half of India’s population still does not have access to banking services.
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