Hyderabad: With micro finance institutions trying to lure the poor by introducing new products that supposedly do not come under the purview of MFI Act, the state government is all set to issue a notification that will replace the word "SHG women" and include a generic word " BPL households", so that MFIs continue to adhere to the stringent norms laid down in the Act. According to sources in the chief minister's office, the law department vetted the notification on Friday in order to ensure that MFIs adhere to the existing stringent rules. "The notification aims at bringing all kinds of MFI loan products, existing and future, under the purview of the Act. The MFIs are lending extensively to poor self-help group women and even their families. The notification will be made public in a day or two," the source at the CMO said.
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