....“We have had a detailed discussion with SIDBI, Nabard and the Government. We will be recognising industry bodies or entities which will function as SROs,” said Archana Mangalagiri, General Manager, Department of Non-Banking Supervision, RBI. An SRO is a voluntary body appointed by the industry participants to monitor the functioning of all players in the industry and bring in some degree of standardisation in industry practices. Mangalagiri added that the RBI is clear there cannot be multiple regulations for NBFC-MFIs....
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