......The Microfinance Institutions (Development and Regulation) Bill, 2012, which empowers the Reserve Bank of India (RBI) to regulate microfinance and waits Parliamentary approval, is being opposed by the Andhra government. A prominent Union minister is also against the proposed legislation. This is despite the fact that RBI wants to regulate the sector quite firmly. It had appointed the Malegam Committee, which recommended, among other things, a 24 per cent cap on interest rates. MFI representatives are uncomfortable with the Malegam Committee. Yet, the Andhra government is opposed to even RBI regulating microfinance........
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