RBI asked to regulate entire microfinance sector

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India's government has proposed to bring all microfinance institutions operating in the country under the ambit of the Reserve Bank of India (RBI), according to a draft bill released by India's finance ministry on Wednesday.
 
The RBI currently regulates only those microfinance institutions which are registered with it as non-banking finance companies at the central bank. Although the registered companies cover over 80% of the microfinance business, the number of companies they constitute is a s

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