Call to approve microfinance institutions bill at the earliest

THIRUVANANTHAPURAM: The ASSOCHAM and Micro Finance Institutions Network (MFIN) have urged early passage of the Microfinance Institutions (Development and Regulation) Bill. The need for an early passage of the bill was highlighted at a convention on 'Microfinance: Changing Millions' Lives' organized by ASSOCHAM, in association with the MFIN and Kerala Association of Microfinance Institutions (KAMFI), here on Thursday.
Delivering his theme address, Alok Prasad, CEO, MFIN, described the pending bill as an important piece of legislation which would bring clarity in the regulatory environment and also remove duality of regulation created due to the legislation introduced by Andhra Pradesh.
E Najeeb, member of ASSOCHAM Southern Regional Council, called for creating a positive environment in favour of microfinance sector that has a crucial place in uplifting the masses.
Paul Thomas, chairman, KAMFI, said the direct impact of MFIs' activities was crucial in uplifting people who continue to be financially excluded and are hence not able to break out of the circle of poverty.
The RBI has left it to the discretion of bankers to fix interest rates, but was keen to ensure that customers' interests were not compromised, said R Sandeep, DGM (rural planning & credit), RBI.
Women, who availed loans from micro finance institutions, shared their success stories during the convention.