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The Minister for Rural Development, Mr K.C. Joseph, inaugurated the one-day workshop on ‘Achieving inclusive growth – Role of MFIs' on Friday.
In the inaugural address, he promised all help to MFIs provided they go by the rule of the game, and conduct themselves in a transparent and accountable manner.
MFIs can go a long way to fill the gap left by banks in the social sector. The Minister said that the government was committed to grant benefits to all players on a part with the flagship Kudumbashree poverty alleviation programme.
Mr M.M. Hassan, a former minister who spearheads the Janasree mission, was of the view that MFIs must not work with a profit motive.
Banks must reduce interest rates for loans advanced to MFIs, he said. He also suggested that the government extend an ‘organisational grant' along the lines of ‘organisational expenses' to cooperative societies.
The event was organised by Assocham, Bengaluru, and sponsored by National Bank for Agriculture and Rural Development (Nabard), Muthoot Fincorp and Kamfi.
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