Government to enact legislation on micro-finance

NEW DELHI: The Union Cabinet on Thursday approved enactment of a legislation for development and regulation of micro finance sector.

The Micro Financial Sector (Development and Regulation) Bill, 2007, is proposed to be introduced in Parliament during the budget session beginning on Friday.

The legislation will provide a legal framework for entities engaged in micro finance and facilitate flow of financial services to the un-banked population of the country.