Veep to inaugurate Conference on ‘Co-operative Federalism and Law Reforms' (See 'Corp Brief') A&C - Arbitrator has wide discretion u/s 31(7) of Arbitration Act to award pre-reference, pendente lite, and post-award interest at such rate as it deems reasonable: HC (See 'Legal Desk') Chouhan to launch 'Khet Bachao Abhiyan - Rabi 2026' today (See 'Corp Brief') IBC - Right to withdraw CIRP application u/s 12A is governed by provisions in force on date when complete Form FA is submitted to IRP: NCLT (See 'Legal Desk') CSIR-NIScPR successfully concludes Two-Week Skill Training Programme on Library Automation (See 'Corp Brief') India, Saudi Arabia discuss bilateral Electrical Interconnection Initiative (See 'Corp Brief') DRI seizes 13 kg foreign-origin gold worth around Rs. 19.41 crore (See 'Corp Brief') PMLA - Statutory twin conditions under Section 45 of the Act can override the fundamental constitutional safeguards of personal liberty under Article 21 of the Constitution: SC (See 'Legal Desk') Saturation Campaign of Financial Inclusion to cover 2.7 Lakh Gram Panchayats and ULBs (See 'Corp Brief') DRI seizes 7 kg amphetamine and 3kg cocaine (See 'Corp Brief') IBC - Mere reason that some facts may have already been into existence but continue to exist would not mean that the application u/s 9 becomes retrospective: HC (See 'Legal Desk') Uttarakhand becomes first State to export Trout to Nepal (See 'Corp Brief') BIS organises Interactive Sessions to promote AYUSH with Quality Standards (See 'Corp Brief') PMLA - In absence of money trail connecting attached properties with proceeds of crime, subject properties cannot be attached merely as properties of equivalent value: Tribunal (See 'Legal Desk') Clarification on Legislative Developments concerning Govt's stake in IDBI (See 'Corp Brief') SEBI - The fact that criminal proceedings were subsequently initiated against appellants does not confer sanction under Section 15T of the SEBI Act to reopen a penalty order which attained finality: SAT (See 'Legal Desk') Efforts underway to develop one lakh young leaders: Mandaviya (See 'Corp Brief') IITM hosts consultation on Climate Science into Services for India Forum (See 'Corp Brief') IPR - Continued use of mark after express acknowledgment of proprietor's rights and undertaking to cease such use is strong indicator of dishonest intention and constitutes infringement: HC (See 'Legal Desk') IBC - Successful Resolution Applicant is entitled to pursue dues of Corporate Debtor against its debtors in arbitration even after conclusion of CIRP: SC (See 'Legal Desk') IBC - Express forfeiture clause in e-auction notice binds bidder despite absence of express forfeiture stipulation in Schedule I of Liquidation Process Regulations, 2016: SC (See 'Legal Desk') An unsuccessful 'success fee' litigation (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
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.