Microfinance still key to inclusion despite flaws – RBI deputy

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Microfinance remains “one of most important financial tools to foster financial inclusion”, but recent developments call for urgent reform, the Reserve Bank of India’s Rajeshwar Rao said in a speech today (October 27).

The sector has changed greatly since the RBI started to embrace microfinance institutions (MFIs) in the 1990s, the deputy governor said. Only non-bank MFIs are covered by current regulations, but other lenders such as small finance banks have grown up in recent years, coming to

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