RBI has to create microfin policy: Nanda
Reserve Bank of India should evolve a new policy for micro finance credit to cater to the needs of majority of the population and give them access to financial services, an agricultural expert said.
By PTI |
MUMBAI: Reserve Bank of India should evolve a new policy for micro finance credit to cater to the needs of majority of the population and give them access to financial services, an agricultural expert said on Tuesday.
"The Reserve Bank of India should come out with clear cut policies and create proper guidelines for micro finance credit," said former NABARD chairman and National Farmers Commission member Y C Nanda.
He said the National Bank for Agriculture and Rural Development (NABARD) was not looking at the entire micro finance sector and only targeting the Self Help Group's(SHG).
NABARD should instead take charge of this sector and find out the total requirements including the exact amount of finance required, the training aspects and offer a complete solution to the micro finance credit sector.
"NABARD has to be flexible for experimentation," he said and also suggested creation of separate entity to take care of such ventures and the risk involved in it.
The rate of interest on lending to Micro Finance Credit has lot of hassles and RBI should help NABARD by coming out with comprehensive policy for this sector.
The SHG's programmes are the fastest growing scheme in the world, and is 10 times bigger than the Bangladesh Gramin Bank. Anonther important feature of this programme is it runs without any subsidies.
"The Reserve Bank of India should come out with clear cut policies and create proper guidelines for micro finance credit," said former NABARD chairman and National Farmers Commission member Y C Nanda.
He said the National Bank for Agriculture and Rural Development (NABARD) was not looking at the entire micro finance sector and only targeting the Self Help Group's(SHG).
NABARD should instead take charge of this sector and find out the total requirements including the exact amount of finance required, the training aspects and offer a complete solution to the micro finance credit sector.
"NABARD has to be flexible for experimentation," he said and also suggested creation of separate entity to take care of such ventures and the risk involved in it.
The rate of interest on lending to Micro Finance Credit has lot of hassles and RBI should help NABARD by coming out with comprehensive policy for this sector.
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The SHG's programmes are the fastest growing scheme in the world, and is 10 times bigger than the Bangladesh Gramin Bank. Anonther important feature of this programme is it runs without any subsidies.
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