Microfinance Institutions are not mainstream channels for achieving financial inclusion, said K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
Speaking to newspersons here on Saturday on the sidelines of a conference on community based approaches for inclusive growth, he said the requirements for financial inclusion were very huge.
On requests from some MFIs to relax the existing margin cap, he said that would be looked into by the concerned department of the apex bank.
“When they were charging 120 per cent interest you never spoke. Why are asking on margin cap,’’ he quipped.
When asked on inflationary trends, he refused to comment citing policy review scheduled on December 18.