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    Home»MICROFINANCE INTERVIEWS

    Interview with Y H Malegam on his report on Indian Microfinance Institutions

    By EditorUpdated:February 15, 2023
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    By suggesting a cap on interest rates on microloans and annual income of poor borrowers, a Reserve Bank of India (RBI) panel on microfinance led by noted chartered accountant Y.H. Malegam has ruffled many feathers. In an interview, Malegam defended the recommendations, saying the panel’s mandate was to protect poor borrowers and not microfinance institutions (MFIs). Look at the philosophy behind it and not the numbers, and the annual income limit can be different in rural and urban India, he said.

    Describing MFIs as “greedy”, he said they book enough profits and could use part of it to reduce rates, which he strongly emphasized should not exceed 24%. If RBI accepts the recommendations, there will be no need for the recent Andhra Pradesh law for regulating MFIs, he said.

    READ THE COMPLETE INTERVIEW ON LIVEMINT AT THE LINK BELOW.

    Interview with Y. H Malegam – Livemint

    Interview conducted by Tamal Bandyopadhyay & Dinesh Unnikrishnan.

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    Editor

    Meet our blog editor, Adrija! With years of experience in the blogging world and a passion for personal finance, Adrija is a valuable asset to our team. She has a keen eye for detail, a knack for crafting engaging content, and a commitment to providing our readers with the latest and most accurate information on money earning opportunities.

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