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An Economic policy and legal analysis of the Micro Finance Institutions (Development & Regulation) Bill, 2011

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Author Info

  • Shubho Roy

    (Indira Gandhi Institute of Development Research)

  • Renuka Sane

    (Indira Gandhi Institute of Development Research)

  • Susan Thomas

    ()
    (Indira Gandhi Institute of Development Research)

Abstract

In response to the Second Micro Finance Crisis in Andhra Pradesh, which took place in October 2010, the Ministry of Finance has pro- posed a new Micro Finance Institutions (Development & Regulation) Bill. This paper undertakes a detailed analysis of the draft Bill in terms of both economic policy and law. This analysis reveals many weak links, including: a lack of clarity on the objectives of the Bill; an insufficient focus on protection of the rights of the micro-borrower; lack of clarity about the definition of thrift; the loss of accountability that comes with multiple regulatory agencies; concerns about the rule of law; and constitutional issues about powers of the Centre versus the State Government.

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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 2011-025.

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Length: 29 pages
Date of creation: Oct 2011
Date of revision:
Handle: RePEc:ind:igiwpp:2011-025

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Related research

Keywords: microfinance; regulation; crisis resolution; consumer credit; consumer protection; regulatory objectives;

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  1. Interesting readings
    by Ajay Shah in Ajay Shah's blog on 2012-05-15 12:33:00
  2. Addressing ponzi schemes: the three parts of the solution strategy
    by Ajay Shah in Ajay Shah's blog on 2013-04-30 02:36:00
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Cited by:
  1. Renuka Sane & Susan Thomas, 2012. "What should regulation do in the field of micro-finance?," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2012-012, Indira Gandhi Institute of Development Research, Mumbai, India.

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