Chennai-based Centre for Micro Finance (CMF) has stated the micro-finance sector is growing at the rate of 82% within the eastern a part of the nation, the quickest rate in India.Additionally, there exist an awesome disparity in the penetration of micro finance inside the region, with Orissa and West Bengal witnessing excessive ranges of penetration, and states like Assam, Bihar and and Jharkhand lagging behind.
A proposed Micro Finance Invoice 2007 is yet to be passed by the Parliament as there isn’t a consensus on several points. Most notable being on limiting the curiosity price charged by the micro-finance corporations. The article also talks about this. Speaking at a seminar on micro credit score organised by the Confederation of Indian Industries (CII), Abhijit Banerjee of Massachusetts Institute of Technology (MIT), mentioned «Putting a ceiling on the rate of curiosity charged by the micro finance establishment would not be a good idea, extra so on this juncture when the financial system is passing by means of a high inflationary regime.»
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