India’s National Bank of Agriculture and Rural Development (NABARD) is seeking comments from stakeholders on a draft plan regarding regulation and development in the microfinance industry. In association with the Ministry of Finance of India, NABARD seeks to streamline regulations for the country’s microfinance sector.
According to an article published on the Microfinance Focus website, there are currently “multiple mechanisms for regulation of various entities engaged in the microfinance space… In the absence of clear regulations, there is a state of dilemma for these Microfinance Organizations (MFOs) undertaking microfinance activities, especially savings and deposits.”
Comments and suggestions on the draft can be sent by post or email to the following address:
Chief General Manager, MICD
National Bank for Agriculture and Rural Development
Head Office
C-24, ‘G’ Block, Bandra Kurla Complex
Bandra (E), Mumbai – 400051
E-mail – mcid@nabard.org
Fax- 022 26528141
By: Research Associate, Stefanie Rubin
About National Bank of Agriculture and Rural Development (NABARD):
The National Bank of Agriculture and Rural Development (NABARD) is a development bank that regulates microfinance activities among state-owned cooperatives and regional rural banks in India. The primary functions of NABARD are to formulate the credit and banking policy for the rural sector, to supervise and conduct on-site inspections of cooperatives and regional rural banks and to promote the development of microfinance activities in the rural sector. NABARD is charged with the oversight of the Microentreprise Development Programme (MEDP), which focuses exclusively on the development of microenterprises.
Additional Resources:
Source Article: Microfinance Focus: “NABARD Seeks Feedback on Microfinance Regulation Draft,” http://www.microfinancefocus.com/news/2010/02/22/nabard-seeks-feedback-on-microfinance-regulation-draft/
MicroCapital Universe: National Bank of Agriculture and Rural Development (NABARD): https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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