Question
Download Solution PDFWhich of the following committees was constituted to study the issues and concerns in the Micro Finance Institution in 2010?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Malegam Committee.Key Points
- The Micro Finance Institution (MFI) sector in India faced a crisis in 2010 due to high interest rates and coercive recovery practices leading to borrower suicides.
- The Reserve Bank of India (RBI) constituted the Malegam Committee in 2010 to study the issues and concerns in the MFI sector and suggest regulatory measures.
- The Malegam Committee recommended a cap on the interest rates charged by MFIs, a code of conduct for recovery practices, and the creation of a separate category of NBFC-MFIs.
- The recommendations of the Malegam Committee were incorporated in the Micro Finance Institutions (Development and Regulation) Bill, 2012, which became an Act in 2016.
Additional Information
- Ghosh Committee (2013): Constituted to review the governance of bank boards in India.
- The Ghosh Committee had suggested that concurrent auditing be implemented at large and exceptionally large bank branches in order to support the branches administratively, aid in following established policies and procedures, and prevent and promptly identify any irregularities or lapses.
- The Sivaraman Committee (30 March 1979):
- This committee was established under the chairmanship of Shri B. Sivaraman, a former member of the Planning Commission of the Government of India.
- Its recommendations led to the formation of the National Bank for Agriculture and Rural Development (NABARD).
- On July12,1982, Act 61, 1981 of Parliament was passed, implementing the B. Sivaramman Committee's recommendations and creating NABARD to carry out the National Bank for Agriculture and Rural Development Act of 1981.
- Khan Committee (2011): Constituted to review the working of the monetary policy framework in India.
- India developed the idea of universal banking after the RH Khan Committee suggested it as an alternative idea.
- The Khan Working Group believed that banks ought to be able to acquire DFIs (Development Finance Institutions) as soon as possible.
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