The Reserve Bank of India (RBI) on Thursday made it clear that it has no solution for Micro finance Institutions that have been hit, but said the Malegam Committee may look at "grey areas" in their regulation. RBI Deputy Governor K C Chakrabarty said MFIs are in the business of taking money and giving loans and if people do not pay back, RBI has no solution for it. "People have to pay back money to the lender who has given the money.If they don't pay back, we have no solution," he told reporters in response to questions after inaugurating "Grameena Vikas Kendra" (branchless banking unit) of Corporation Bank at Mallohalli in the Bangalore district.
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