...........Indeed, MFin has been acting as a de facto SRO for its members and the RBI recognition merely represents a shift from de facto to a de jure positionm but the task ahead is arduous. In India, often an SRO overlooks its real objectives and tries to play the role of a lobby group. MFin should refrain from doing so as the biggest challenge before it is put its house in order. Nobody else but the MFI industry is to be blamed for the crisis that followed the promulgation of the Andhra law as many companies deviated from the primary job of giving small loans to poor................
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