India: NABARD Seeks Feedback on Draft Microfinance Regulation

NABARD (National Bank for Agriculture and Rural Development) is seeking suggestions and recommendations on the Microfinance Regulation draft which is posted on its website. In association with the Ministry of Finance, Government of India, NABARD seeks to streamline regulations for microfinance sector to fast track financial inclusion in India.

Currently, there are multiple regulatory mechanisms for different entities engaged in microfinance. In the absence of clear regulations, there is a state of dilemma for such organizations undertaking microfinance activities, especially savings and deposits. The regulation aims to safeguard interests of customers while providing functional clarity to microfinance organizations.

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