....As I have been saying for long, much of the failure of Indian microfinance has occurred due to the indifferent attitude of regulators during years of extreme growth—when they assumed that all microfinance was positive and ignored real time (negative) signals from the ground. I am very glad that Dr YV Reddy (former Governor, RBI) has now come out and clarified the various issues and graciously accepted the mistakes committed in the regulatory domain (in a recent EPW article - Microfinance Industry in India: Some Thoughts, vol xlvi no 41, October 8, 2011-......
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