India: RBI challenges Andhra Pradesh government on MFI law
An Andhra Pradesh Law (Andhra Pradesh Micro-Finance Institution – Regulation of Moneylending), said to be the root cause of the collapse of microfinance in India and the State in particular, has no jurisdiction over microfinance institutions registered as non-banking financial company (NBFC), the RBI has told the AP High Court recently. Read more here and here.
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