K.C. Chakrabarty, the senior most Deputy Governor of the Reserve Bank of India (RBI), who oversees rural credit, among other things, says microfinance institutions (MFIs) will be around for next 10 to 15 years till commercial banks are able to reach out to every nook and cranny of the nation, but these institutions will not be able to scale up. Usha Thorat, who used to look after rural credit as RBI deputy governor till she retired in 2010, says the biggest challenge of MFIs in India is to marry scale with responsible lending. Both of them were panelists at Mint’s Clarity Through Debate conclave on microfinance and financial inclusion in Mumbai last week..........
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