In a bid to curb the exploitations of micro-finance lenders to the poor, the Union ministry of finance has placed before parliament for approval a Micro Finance Institutions (Development and Regulation) Bill, 2011. The Act empowers all the regulatory powers to Reserve Bank of India to take disciplinary action and act as on ombudsman for this system.
Talking about this issue, Vijay Mahajan, President of the industry body Microfinance Institutions Network (MFIN) said that most of the problems relative to micro finance lenders in Andhra Pradesh are linked to consumer protection.
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