Registration with RBI mandatory for micro finance institutions

May 11,  12:43 PM The government has approved micro financial sector (development and regulation bill,2011). The decision was taken in the Cabinet meeting held in New Delhi yesterday which was chaired by the Prime Minister Dr. Manmohan Singh. The bill proposes to make it mandatory for micro-finance institutions to be registered with RBI and have minimum net-owned funds of 5 lakh rupees. (AIR)