Union Minister jighlights Nari Shakti Vandan Adhiniyam as Transformative Reform (See 'Corp Brief') Bizu Festival Celebrations highlight Cultural Pride and Policy Dialogue on Tribal Development (See 'Corp Brief') India, Kuwait emphasize Dialogue Over Conflict to Secure Energy and Trade Supplies (See 'Corp Brief') Misc - There is no right in borrower to personal hearing by banks before classifying their account as fraud account: SC (See 'Legal Desk') Manohar Lal holds Key Engagements on Infrastructure and Development Cooperation (See 'Corp Brief') CARI Bengaluru gets ISO 15189:2022 Accreditation in Biochemistry (See 'Corp Brief') NI Act - At stage of issuance of process, statutory presumption u/s 139 of NI Act cannot be dislodged in summary manner merely by contending that cheque issued was not for legally enforceable debt: SC (See 'Legal Desk') Barabanki to Bahraich Highway to become Key Cross-Border Trade Lifeline (See 'Corp Brief') Advanced Agriculture fest kicks off in Raisen in MP (See 'Corp Brief') PMLA - Sec 2(1)(u) permits attachment of any property of equivalent value, including properties acquired prior to commission of scheduled offence, which are untraceable: SAFEMA (See 'Legal Desk') NTWB welcomes Jan Vishwas Amendments (See 'Corp Brief') IPR - Controller of Patent would decide whether differences, viewed in knowledge of alleged invention, constitute steps which would have been obvious to ordinary person skilled in art and rule out hindsight approach: HC (See 'Legal Desk') Anand Kumar Pal joins MoF as Chief Cost Adviser (See 'Corp Brief') IPR - Generic disclosure does not, by itself, defeat novelty of specific disclosure; Prior art that teaches away from claimed invention cannot serve as foundation for anticipation: HC (See 'Legal Desk') India-GCC reaffirms commitment to Regional Stability (See 'Corp Brief') IPR - Prior user of trademark has superior rights over subsequent user who holds registration for same or similar mark: HC (See 'Legal Desk') India-Bahrain stresses stability, Supply Chain Resilience and Stronger Economic Ties (See 'Corp Brief') Company Law - Sourcing pre-condition deposit unlawfully from corporate funds in direct violation of Sec 185, or executing settlement agreements without effectuating actual refunds or delivering legally valid & habitable possession, is illegal: SC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (See CORP EINSICHT)

Print

DFS Secretary chairs meeting with Micro Finance Institutions

Published: Jan 09, 2025

By TIOLCorplaws News Service

NEW DELHI, JAN 09, 2025: M Nagaraju, Secretary, DFS, M/o Finance chaired a meeting with major Micro Finance Institutions, in New Delhi, today. The meeting was also attended by senior officials of DFS including industry bodies namely MFIN & Sa-Dhan.

The engagement with MFIs was designed to foster an open exchange of ideas aimed at elevating the MFI sector. The emphasis was on reaching the low income households in villages and uplifting their lives by providing them hassle-free financial assistance, if needed.

Participating MFIs apprised that the business of MFI industry has risen from Rs. 17,264 crores in March'12 to Rs. 3.93 lakh crore as on November'24. The industry operates in over 723 districts including 111 aspirational districts across 28 states and 8 Union Territories. They also cater to the financial needs of almost 8 crore borrowers.  MFIs contributes 2.03% of the gross value added to GDP and supports 1.3 crore jobs.

During the meeting, challenges & issues being faced by MFIs were also discussed. It was informed that MFIs are facing difficulties in raising low cost long term funds. The quality of MFI portfolio is being impacted on account of various issues including reduction in lending to the sector.

The MFIs requested for formulating credit guarantee scheme(s) suiting MFIs/borrowers, creation of special fund/facility for MFIs operating in North East region and relaxation in qualifying assets norms applicable to MFIs so that their risk can be diversified to other lending avenues.

Secretary, DFS emphasised that MFIs in India need to be more robust, vibrant and financially sound, catering to the needs of rural masses. MFIs need to draw a roadmap to strengthen the sector and become more viable, he said. It was also pointed out that like digital disbursements, MFIs should encourage repayment of loans digitally while at the same time focus on cybersecurity & resilient IT infrastructure. They should also strengthen their governance standards.

During the meeting, Secretary, DFS recognized the work done by MFIs in impacting the lives of people in rural areas. He stated that DFS value the efforts put in by MFIs in supporting financial inclusion.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.