The government has decided to introduce new legislation to oversee Microfinance Institutions (MI) operating in the country. The decision was made due to the large number of complaints received against them, Central Bank officials said today
The new piece of legislation titled ‘Microfinance Bill’ will be presented in Parliament soon. This is in addition to another Bill, which provides for the regulation of banks and financial institutions operating in the country. (KB)
Lover Monday, 1 November 2010 07:10
Good move .. Also they need to consider few areas like Date protection within these institutes as some of the banks disclose personal details to other parties..
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Jalba Monday, 1 November 2010 08:36
To whom we can complain if those overseers are rogues :)))
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Lover Monday, 1 November 2010 10:00
There is a financial Ombudsman in our country but as there is no proper law set up its really hard to take action against them as per my knowledge.
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V.D.Jayawardene Tuesday, 2 November 2010 06:13
Congratultions. Though late a very good decision by the authorities concerned,Very strict legal action should be instituted againt defaulting micro finance institutions.Senior Citizen.
Reply : 0 1
pramika sandya Monday, 4 July 2011 06:21
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