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

Author

Listed:
  • 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.

Suggested Citation

  • Shubho Roy & Renuka Sane & Susan Thomas, 2011. "An Economic policy and legal analysis of the Micro Finance Institutions (Development & Regulation) Bill, 2011," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-025, Indira Gandhi Institute of Development Research, Mumbai, India.
    • Handle: RePEc:ind:igiwpp:2011-025
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    File URL: http://www.igidr.ac.in/pdf/publication/WP-2011-025.pdf
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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.

    More about this item

    Keywords

    microfinance; regulation; crisis resolution; consumer credit; consumer protection; regulatory objectives;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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