.....The country's banking system, which remained dormant in the area for quite sometime for reasons obvious, had suddenly taken a fancy to give advances to the MFIs that mushroomed across the country in recent years. This is borne out by the figures of the Reserve Bank of India (RBI) which reported that the outstanding credit of scheduled commercial banks to MFIs during the last three years rose from Rs. 5,572.15 crore in March 2009 to Rs. 7,960.21 crore in March 2010 and to a mammoth Rs. 15,467.58 crore in March 2011. But following the fracas of a few leading MFIs, particularly in Andhra Pradesh, slapping exorbitant interest rates which led to suicides of hapless and harried borrowers, the State government enacted the Andhra Pradesh Microfinance Institutions (Regulation of Moneylending) Act 2010......
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