The Hindu Business Line : Microfinance sector Bill approved

The Union Cabinet on Thursday gave its nod for enactment of legislation for the development and regulation of the microfinance sector. For this purpose, the Government plans to introduce the Micro Financial Sector (Development and Regulation) Bill 2007 in the forthcoming Budget session of Parliament.

The Parliamentary Affairs Minister, Mr Priyaranjan Dasmunshi, said that the legislation would provide a legal framework for the entities engaged in microfinance and facilitate an environment for development of micro finance services in the country with greater transparency, effective management and better governance. This would facilitate the flow of micro finance services to the un-banked population of the country, he said.

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