Journal de l'économie mondiale

Requirement of Regulations on Micro Finance Institutions - An Experience of Karnataka State, India

Abstract

Thattekere Setty Devaraja and Lakshminarayana KS

The micro finance industry in India has had a tremendous growth over the last three decades in terms of accepting deposits, loan facility, insurance cover and other services to the people who are at the bottom of the pyramid. The kind of services offered by the institutions has positively brought changes to the lives of these needy people. The aspirations of the rural poor in India is supressed for a long period of time and their wait for helping hand has been curtailed by the micro finance institutions which are generously ready to fulfil their dreams. The efforts of these institutions in this direction is widely appreciated by the governments and the beneficiaries across the globe.The industry will grow to meet the needs of underprivileged which will offer a life of dignity and follow up of regulatory frameworks as part of MFI governance by the institutions will ensure the delivery of service with humanity.