Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
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        LATEST NEWS UPDATES | Corrective steps on microfinance    </title>
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Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.

Coming up with a 15-point corrective measures statement,..."/>
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Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.

Coming up with a 15-point corrective measures statement,..." />
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                            <font ><br /></font><div align="justify"><font >Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.</font><br /><br /><font >Coming up with a 15-point corrective measures statement, MFIs have agreed to bring down the interest rates to 24% initially to the borrowers of AP only.</font><br /><br /><font >&ldquo;It&rsquo;s an initial decision and our CEOs across other states will be discussing on this and decide about the rates,&rdquo; MFIN president Vijay Mahajan said.</font><br /><br /><font >Though MFIN has agreed to go for corrective measures, it raised objections against a few clauses in the ordinance issued by the Andhra government. The government had enacted an ordinance on October 15, objecting the alleged functioning of MFIs in the state. &ldquo;The ordinance has made functioning of MFIs difficult in AP. We&rsquo;ve challenged it in the Andhra High Court. In some cases we agree to the government, whereas in some we object,&rdquo; he said. </font><br /><br /><font >MFIN has expressed its reservations in the case of registration of MFIs in the state, followed by the predominance of self-help groups (SHGs), under which a borrower having taken loan from an SHG won&rsquo;t be allowed to take loan from any MFI, unless one gets a no objection certificate from the administration. The umbrella organisation has also objected to the monthly recovery system and doing the same at panchayats offices. &ldquo;Several borrowers want to repay weekly. We do it at doorsteps,&rdquo; said Alok Prasad, CEO, MFIN.</font><br /><br /><font >MFIN has agreed to share borrowers&rsquo; credit history with the Andhra government and support the efforts to create a common data base. The MFIN has also agreed not to impose joint liability for loans above R15,000 by a member of a group.</font><br /><br /><font >Referring to the meeting MFIN had with the secretary, financial services and other senior officials at the finance ministry on Thursday, Mahajan said, &ldquo;The secretary has expressed that we deserve to continue and collect repayments. After all we&rsquo;re regulated by the RBI guidelines.&rdquo;</font><br /><br /></div>                                                           
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    <br><a href="http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx" class="re" target="_blank">The Hindustan Times, 7 November, 2010, http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx</a><div class="clear"></div>
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Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.

Coming up with a 15-point corrective measures statement,..."/>
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Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.

Coming up with a 15-point corrective measures statement,..." />
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    <h1 class="cat-box-title">Corrective steps on microfinance</h1>
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                            <font ><br /></font><div align="justify"><font >Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.</font><br /><br /><font >Coming up with a 15-point corrective measures statement, MFIs have agreed to bring down the interest rates to 24% initially to the borrowers of AP only.</font><br /><br /><font >&ldquo;It&rsquo;s an initial decision and our CEOs across other states will be discussing on this and decide about the rates,&rdquo; MFIN president Vijay Mahajan said.</font><br /><br /><font >Though MFIN has agreed to go for corrective measures, it raised objections against a few clauses in the ordinance issued by the Andhra government. The government had enacted an ordinance on October 15, objecting the alleged functioning of MFIs in the state. &ldquo;The ordinance has made functioning of MFIs difficult in AP. We&rsquo;ve challenged it in the Andhra High Court. In some cases we agree to the government, whereas in some we object,&rdquo; he said. </font><br /><br /><font >MFIN has expressed its reservations in the case of registration of MFIs in the state, followed by the predominance of self-help groups (SHGs), under which a borrower having taken loan from an SHG won&rsquo;t be allowed to take loan from any MFI, unless one gets a no objection certificate from the administration. The umbrella organisation has also objected to the monthly recovery system and doing the same at panchayats offices. &ldquo;Several borrowers want to repay weekly. We do it at doorsteps,&rdquo; said Alok Prasad, CEO, MFIN.</font><br /><br /><font >MFIN has agreed to share borrowers&rsquo; credit history with the Andhra government and support the efforts to create a common data base. The MFIN has also agreed not to impose joint liability for loans above R15,000 by a member of a group.</font><br /><br /><font >Referring to the meeting MFIN had with the secretary, financial services and other senior officials at the finance ministry on Thursday, Mahajan said, &ldquo;The secretary has expressed that we deserve to continue and collect repayments. After all we&rsquo;re regulated by the RBI guidelines.&rdquo;</font><br /><br /></div>                                                           
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    <br><a href="http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx" class="re" target="_blank">The Hindustan Times, 7 November, 2010, http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx</a><div class="clear"></div>
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Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.

Coming up with a 15-point corrective measures statement,..."/>
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Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.

Coming up with a 15-point corrective measures statement,..." />
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    <h1 class="cat-box-title">Corrective steps on microfinance</h1>
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                            <font ><br /></font><div align="justify"><font >Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government.</font><br /><br /><font >Coming up with a 15-point corrective measures statement, MFIs have agreed to bring down the interest rates to 24% initially to the borrowers of AP only.</font><br /><br /><font >&ldquo;It&rsquo;s an initial decision and our CEOs across other states will be discussing on this and decide about the rates,&rdquo; MFIN president Vijay Mahajan said.</font><br /><br /><font >Though MFIN has agreed to go for corrective measures, it raised objections against a few clauses in the ordinance issued by the Andhra government. The government had enacted an ordinance on October 15, objecting the alleged functioning of MFIs in the state. &ldquo;The ordinance has made functioning of MFIs difficult in AP. We&rsquo;ve challenged it in the Andhra High Court. In some cases we agree to the government, whereas in some we object,&rdquo; he said. </font><br /><br /><font >MFIN has expressed its reservations in the case of registration of MFIs in the state, followed by the predominance of self-help groups (SHGs), under which a borrower having taken loan from an SHG won&rsquo;t be allowed to take loan from any MFI, unless one gets a no objection certificate from the administration. The umbrella organisation has also objected to the monthly recovery system and doing the same at panchayats offices. &ldquo;Several borrowers want to repay weekly. We do it at doorsteps,&rdquo; said Alok Prasad, CEO, MFIN.</font><br /><br /><font >MFIN has agreed to share borrowers&rsquo; credit history with the Andhra government and support the efforts to create a common data base. The MFIN has also agreed not to impose joint liability for loans above R15,000 by a member of a group.</font><br /><br /><font >Referring to the meeting MFIN had with the secretary, financial services and other senior officials at the finance ministry on Thursday, Mahajan said, &ldquo;The secretary has expressed that we deserve to continue and collect repayments. After all we&rsquo;re regulated by the RBI guidelines.&rdquo;</font><br /><br /></div>                                                           
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    <br><a href="http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx" class="re" target="_blank">The Hindustan Times, 7 November, 2010, http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx</a><div class="clear"></div>
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Corrective steps on microfinance

Published on Nov 7, 2010   Modified on Nov 7, 2010

Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government. Coming up with a 15-point corrective measures statement, MFIs have agreed to bring down the interest rates to 24% initially to the borrowers of AP only. “It’s an initial decision and our CEOs across other states will be discussing on this and decide about the rates,” MFIN president Vijay Mahajan said. Though MFIN has agreed to go for corrective measures, it raised objections against a few clauses in the ordinance issued by the Andhra government. The government had enacted an ordinance on October 15, objecting the alleged functioning of MFIs in the state. “The ordinance has made functioning of MFIs difficult in AP. We’ve challenged it in the Andhra High Court. In some cases we agree to the government, whereas in some we object,” he said. MFIN has expressed its reservations in the case of registration of MFIs in the state, followed by the predominance of self-help groups (SHGs), under which a borrower having taken loan from an SHG won’t be allowed to take loan from any MFI, unless one gets a no objection certificate from the administration. The umbrella organisation has also objected to the monthly recovery system and doing the same at panchayats offices. “Several borrowers want to repay weekly. We do it at doorsteps,” said Alok Prasad, CEO, MFIN. MFIN has agreed to share borrowers’ credit history with the Andhra government and support the efforts to create a common data base. The MFIN has also agreed not to impose joint liability for loans above R15,000 by a member of a group. Referring to the meeting MFIN had with the secretary, financial services and other senior officials at the finance ministry on Thursday, Mahajan said, “The secretary has expressed that we deserve to continue and collect repayments. After all we’re regulated by the RBI guidelines.”

The Hindustan Times, 7 November, 2010, http://www.hindustantimes.com/Corrective-steps-on-microfinance/Article1-623168.aspx

Tagged with: Microfinance Financial Inclusion

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