ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Microfinance Legislation

India’s draft legislation on microfinance suffers in comparison with the law in Bangladesh. 

The MFDRB proposes to give a certificate to a few types of existing institutions, viz, societies, trusts and cooperatives for mobilising thrift, and calls them microfinance organisations (MFOs). The MCRAA too, instead of creating new institutions, has decided to give certificates to existing institutions, calling them micro credit organisations (MCOs). However, the MCRAA has brought all the financial institutions in the area of microfinance under its purview, whereas the MFDRB brings under its ambit only those institutions that intend to offer thrift services .

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