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LATEST NEWS UPDATES | Govt sets up 4 panels to monitor MFIs

Govt sets up 4 panels to monitor MFIs

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published Published on Oct 29, 2010   modified Modified on Oct 29, 2010

In a significant step towards foolproof monitoring of micro finance institutions (MFIs) and gaining first-hand information on multiple lending, excessive rural indebtedness and irregularities in the sector, the state government has constituted four working committees that would integrate various databases of SHG bank linkage, ration cards & borrowers' data being submitted by MFIs on a priority.

These committees would create and maintain the website on MFIs and also help in responding quickly to queries from the field on implementation of the Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Ordinance and improving credit flows to SHGs, apart from generating necessary reports to streamline the sector.

The decision comes in the wake of increasing queries from both MFIs and the district-level registering authorities (RAs) about interpretation of provisions of the Ordinance. These committees (Implementation, Legal, Capacity Building and IT) would submit daily reports to the CEO of Society for Elimination of Rural Poverty (Serp) and rural development principal secretary on the work done and the work yet to be done in fulfillment of the mandate given to them.

The implementation committee consists of additional CEO (SERP), MD of Mission for Elimination of Poverty in municipal areas (MEPMA); regional project director of bank linkage and state project advisor of Serp.

The implementation committee would be responsible for a number of key operations, including receiving and clarifying queries from the RAs on a day-to-day basis, review complaints received from the public about irregularities by MFIs and ensure swift action, to check whether cases were being booked on all irregularities noticed in the field and to liaison with the police authorities.

The other responsibilities would be to hold talks with banks for improving the credit flow to SHGs and discuss with MFIs on better implementation of the Ordinance, apart from monitoring the overall implementation.


The Times of India, 28 October, 2010, http://timesofindia.indiatimes.com/city/hyderabad/TNN0-panelstimGovt-sets-up-4-panels-to-monitor/articleshow/6831701.cms


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