Special Investigation Team to Probe Allegations of Misconduct Against Indian Microfinance Institutions

Monday, April 17, 2017

Government on Wednesday announced that a four-member Special Investigation Team (SIT) will probe allegations of misconduct against micro-finance institutions.

It has been alleged that the companies are charging exorbitant rates from women members of self-help groups, and employing criminal elements for forcible recovery of dues.

The government had promised to form an SIT in the winter session of the state assembly last December.

The state home department, in its order dated April 12, said the Nagpur divisional commissioner will head the SIT, which will also comprise a member each from the state cooperative department, rural development department and women’s economic development corporation.

Source: Times of India (link opens in a new window)

financial inclusion, microfinance