No regulator needed for MFIs: Leeladhar

Hyderabad, Aug 4 | Updated: Aug 5 2005, 05:45am hrs
The Reserve Bank of India (RBI), believes that there is no need for a formal regulator to tighten the grip on the mushrooming micro finance institutions (MFIs).

In a message to a national seminar on Mainstreaming Microfinance: Implications & Challenges, the RBI deputy governor V Leeladhar said: RBI is of the view that it is not necessary for a formal regulator to tighten its grip on the MFI sector. Deepali Pant Joshi, Chief General Manager RBI Hyderabad, read the message at the seminar organised by the Sa-Dhan, an association of community development finance institutions.