Kolkata: This year’s East India Microfinance Conference by AMFI-WB is being organized in the backdrop of the announcement of a new regulatory framework for microfinance in India, which was announced by the Reserve Bank of India in March 2022.
This announcement marks a paradigm shift in regulations for the MFIs and recognizes their growing importance and maturity. It is expected that the MFIs would now be in a better position to serve their clients through well suited products for various segments.
The Industry has now weathered over two years of COVID 19 crisis, which has severely impacted the lives and livelihood of everyone. Lockdowns and resultant loss of income resulted in disruption of economic activity. The impact was particularly severe for the microfinance clients who had to face significant loss of income, being dependent on the informal economy to a large extent.
The most disruptive Financial Year that Indian economy had ever witnessed has…