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Yunus Advocates Regulatory Body For Micro Credit In India

AHMEDABAD, Dec 17: There should be some regulatory authority when you have so many micro credit programs running. It’s time to have one for transparency purposes so that people are given out information in a transparent way

Nobel Laureate and founder of Bangladesh‘s Grameen Bank Muhammad Yunus on Friday suggested the setting up of a regulatory authority for Micro Credit Institutions (MCIs) in India.

‘They (MCI) were created to fight the loan sharks and not to create one. There should be some regulatory authority when you have so many micro credit programs running. It’s time to have one for transparency purposes so that people are given out information in a transparent way,’ he said during a video conferencing session organized at IIM-A in Ahmedabad.

‘Bangladesh has created a micro credit regulatory authority to address these issues because we have so many programs in the country now. I think it would be a good idea for India to do that,’ he said.

Grameen Bank offers small loans for self-employment to some of the poorest people in Bangladesh, including beggars. The bank, with 2,600 branches and total deposits of $1.5 billion – of which 46% come from its borrowers – has 8.3 million borrowers, 97% of them women.

‘The bank lends over $120 million per month in Bangladeshi currency,’ said Yunus, who received Nobel Prize for peace in 2006.

Yunus maintained that government should not be running the micro credit programs. Instead, they must create some sort of fund so that there is an easy source of funding for the NGOs who want to start such programs.

‘The government should not be running the micro credit programs. They should be run by other people,’ Yunus said in reply to a query.

(Courtesy: Press Trust of India)

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