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Draft Microfinance Bill issued

The Government has issued draft bill for regulation of microfinance institutions. The bill provides for acceptance of deposits by Micro Finance Institutions (MFIs) and setting up of microfinance development councils. With the move to sanction acceptance of deposits, it is hoped that MFIs will reduce dependence on banks for finance needs. However critics of the bill argue that depositor’s safety is at risk considering the fact that the client base of MFIs - poor and those in under-banked areas cannot really assess the worth of an MFI. They also state the the Bill does provide for addressing the problems effective regulation.
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