Ministry will soon seek cabinet nod; law will take away microlending from purview of state-level laws
…According to the draft legislation, for MFIs operating as non-governmental organizations, trusts or cooperative societies, RBI will have the power to delegate any other supervisory and regulatory entities such as the National Bank for Agriculture and Rural Development (Nabard). “RBI will be the sole regulator under this Act. The draft Bill doesn’t say anybody else as regulator. RBI may delegate other entities it finds fit for this rule,”…..
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