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Library » Existing Legal and Regulatory Framework for the Microfinance Institutions in India: Challenges and Implications

Existing Legal and Regulatory Framework for the Microfinance Institutions in India: Challenges and Implications
2006, M-CRIL
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Are MFIs in India constrained by lack of sound regulatory framework?

This document discusses how the regulatory framework for MFIs in India influences the choice of their legal form. It discusses:

The structural evolution of MFIs in India;
The vacuum in financial services for the poor;
The formation of the non-government organization (NGO) MFI sector;
This delivery of microfinance through a variety of legal forms.

The document then presents a review of the legal text and framework for various institutional forms. It discusses societies, trusts, not-for-profit companies, non-banking finance companies (NBFCs), Nidhi companies, cooperatives, mutually aided cooperative societies and producer companies under the titles:

Purpose;
Registration;
Accounts and audits;
Taxation;
Compatibility with insurance regulation;
Receipt of foreign contribution;
Dissolution;
Advantages and disadvantages.

It finds that:

There are regulatory limitations to the legal framework for the microfinance sector in India that limit the efficacy of innovative initiatives;
MFIs have several objectives in providing low income clients with access to financial services;
ICICI Bank has partnered with MFIs to provide poor clients with financial services.

The document goes on to discuss:

The statutory requirements of various kinds of MFIs;
Their techno-managerial capacity requirements;
Their management information systems.

The document concludes by discussing international experience of the effect of the regulatory framework on the choice of legal form.

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29 Oct 2009



pawan shukla India

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Publisher(s):
Sa-Dhan