......“It makes sense for Basix to take the CDR route as banks have converted a large part of debt into equity. If CDR didn’t happen, Basix would not have survived,” said Santosh Singh, analyst at Espirito Santo Securities Ltd. “However, the fact remains that CDR is only a temporary relief and they will have to recover money from the ground.” Late last year, the Reserve Bank of India (RBI) had framed regulations to govern the sector. According to RBI norms, MFIs with more than Rs.100 crore of loans must operate with a margin of 10%. The government is also in the process of finalizing national regulations for the sector.
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