The Hindu Business Line : Micro-finance bodies may need to raise Rs 20,000 cr

The Hindu Business Line : Micro-finance bodies may need to raise Rs 20,000 cr

It is for the first time, I came to know that there are about 3,000 Microfinance Institutions in this country. Are they organised or operating like a legitimate Private Money Lender? They have got to be supervised and monitored, because it is reported that generally these MFIs charge interest rate between 20 to 30 per cent. The law proposed to regulate MFIs by NABARD is awaiting nod from the Parliament. In the meantime, there is a danger of mushrooming of MFIs and making money from the gullible, innocent, illiterate rural women and poor.