MFI body seeks clarity over regulations in Budget

........ According to MFIN, the problem is while the Andhra Pradesh legislation directs MFIs to get registration from state authorities, RBI regulations provide for registration from the central bank. The AP MFI Act says that no MFIs will grant any loans or recover any loans without obtaining registration under this Act from the registering authority, whereas the RBI Regulation says MFI is an NBFC and under the RBI Act 1934 an NBFC can do its business without any further permissions or registrations, according to MFIN........

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