Sub-Committee forms Reserve Bank Governing
* Keenly observes functioning of MFI's
Meanwhile , The Reserve Bank of India has constituted a sub-committee to look the functioning of microfinance institutions and bearing on their policies to take further action. Reacting to the letter written by Chief Minister Rosaih, The RBI Governor Duvvuri Subbarao have focussed on evolving situation and sorted out regulations.
According to SubbaRao, the financial firms are alternatives to private money lenders in the unorgansied sector and apex bank is marshalling these unlawful steps. Infact, the sub-committee look into the functioning of such firms as they have drawn flak for using strong-arm tactics to recover loans.
Published Date : Sunday, Oct 17, 02:05PM IST
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