The Hindu Business Line : Micro-finance sector Bill gets nod

The Government wants to enact a new law for development and regulation of the micro-finance sector. Towards this end, the Union Cabinet has approved a Micro Financial Sector (development and regulation) Bill 2006 that would provide full support/oversight to the micro-finance sector. This Bill would be introduced in the current session of Parliament itself, an official spokesperson said. The proposed law would ensure a legal framework for entities engaged in micro-finance and facilitate an environment for development of micro-finance services in the country with greater transparency, effective management and better governance. It would facilitate the flow of micro-finance services to un-banked population in the country, the spokesperson said.

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