From a microfinance industry standpoint, what is now critical is that the Bill quickly gets passed by the Parliament. This will ensure that the current situation of regulatory duality gets mitigated and the industry grows and promotes the financial inclusion agenda within a well defined framework of law.”

The budget presented by Indian Finance Minister Pranab Mukherjee today has only few announcements for the rural and Microfinance Sector far. Govt has announced Rs 10,000 crore to Nabard for refinancing regional rural banks. Finance Minister has also announced Interest subsidy for women Self Help Groups up to Rs 3 lakh at 7 per cent; 3 per cent more for SHGs that repay promptly.

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