The National Bank for Agriculture and Rural Development, or Nabard, does not want to be the regulator for microfinance institutions (MFIs).
The newly appointed Nabard chairman Prakash Bakshi said on Thursday that there should be a single regulator to govern India’s Rs22,500 crore microfinance industry and that the Reserve Bank of India (RBI) can do that job. RBI currently regulates large MFIs, which account for around 90% of the Rs22,500 crore industry; the rest of them are unregulated.
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