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The role of government in India's micro-finance industry

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Author Info

  • Renuka Sane

    (Indira Gandhi Institute of Development Research)

  • Susan Thomas

    ()
    (Indira Gandhi Institute of Development Research)

Abstract

Recent events in India have brought a fresh focus upon the problem of regulation in the field of micro-finance. This paper delineates the three distinct aspects where government needs to play a role. The first is to protect the rights of the micro-borrower, the consumer of micro-financial services. The second is that of prudential oversight of risk-taking by firms operating in micro-finance, since this could have systemic implications. The third is a developmental role, emphasising scale-up of the micro-finance industry where the key issues are diversification of access to funds, innovations in distribution and product structure, and the use of new technologies such as credit bureaus, the UID and mobile-based payments. Each of these roles need to be placed in an existing or a new regulatory agency. There is a case for creating a new regulatory agency which unifies the consumer protection function across all financial products.

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Bibliographic Info

Paper provided by Indira Gandhi Institute of Development Research, Mumbai, India in its series Indira Gandhi Institute of Development Research, Mumbai Working Papers with number 2011-007.

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Length: 48 pages
Date of creation: Mar 2011
Date of revision:
Handle: RePEc:ind:igiwpp:2011-007

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Related research

Keywords: financial services distribution; consumer protection; credit bureaus; securitisation;

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Interesting readings
    by Ajay Shah in Ajay Shah's blog on 2011-08-21 05:29:00
  2. Interesting Readings for August 23, 2011
    by Ajay Shah in Citizen Economists on 2011-08-23 16:40:50

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