India’s Microfinance Bill has been re-drafted many a time over the last 4 years and many new recommendations have incorporated since the Bill was first mooted in 2011. A new version of the Micro Finance Institutions (Development and Regulation) Bill, 2012 has now been released.
The first draft of the Microfinance Bill was introduced in June 2011 and below you can find the current version of the bill as presented by the Standing Committee on Finance (2013-14) of the 15th Lok Sabha. The bill was laid in the Rajya Sabha on 13 February 2014 and presented to the Lok Sabha on 17 February 2014.
THE MICROFINANCE INSTITUTIONS (DEVELOPMENT AND REGULATION) BILL, 2012
Download at the link below :
microfinance-India-bill-2013-2014-pdf
INTRODUCTION OF THE MICROFINANCE BILL
I, the Chairman of the Standing Committee on Finance, having been authorized by the Committee, present this Eighty-fourth Report on the Micro Finance Institutions (Development and Regulation) Bill, 2012.
2. The Micro Finance Institutions (Development and Regulation) Bill, 2012 introduced in Lok Sabha on 22 May, 2012, was referred to the Committee on 28 May 2012 for examination and report thereon, by the Speaker, Lok Sabha under Rule 331E of the Rules of Procedure and Conduct of Business in Lok Sabha.
3. The Committee obtained written information on various provisions of the Bill from the Ministry of Finance (Department of Financial Services).
4. Written views/memoranda were also received from various institutions/ associations / experts.
5. The representatives of the Ministry of Finance (Department of Financial Services) briefed the Committee at their sitting held on 28 December 2012.
6. The Committee, at their sitting held on 4 October 2013 heard the views of representatives of Sa-Dhan Foundation, SKS Micro Finance Ltd., Micro Finance Institutions Network (MFIN), International Network of Alternative Financial Institutions (INAFI), Micro-Credit Ratings International Limited (M-CRIL), Access Development Services, All India Democratic Women‘s Association (AIDWA), and Dr. R. Ramakumar, Associate Professor, Tata Institute of Social Sciences, Mumbai.
7. At their sitting held on 25 October 2013, the Committee heard the views of representatives of Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD) and Small Industries Development Bank of India (SIDBI). Subsequently, at their sitting held on 29 November 2013, the Committee heard the views of representatives of State Government of Andhra Pradesh and took oral evidence of the representatives of the Ministry of Finance (Department of Financial Services).
8. The Committee discussed the draft Report at their sitting(s) held on 31 January 2014 and 11 February 2014 and adopted the same at their sitting held on 11 February 2014.
9. The Committee wish to express their thanks to the officials of the Ministry of Finance (Department of Financial Services) for appearing before the Committee and furnishing the requisite material and information which were desired in connection with the examination of the Bill.
10. The Committee also wishes to express their thanks to the representatives of State Government of Andhra Pradesh, RBI, NABARD, SIDBI, MFIs, AIDWA and Dr. R. Ramakumar, Expert for appearing before the Committee and placing before them their considered views on the provisions of the Bill.
11. The Committee also wish to express their thanks to various other institutions/associations/experts for placing before them their considered views on the provisions of the Bill in the form of memoranda.
12. For facility of reference, the observations/recommendations of the Committee have been printed in thick type in the body of the Report.
YASHWANT SINHA,
Chairman, Standing Committee on Finance.
11th February 2014 – New Delhi, India
