Bihar eyes legislation for MFIs

Following Andhra Pradesh’s example, the Bihar government was mulling over a legislation for regulating and effectively controlling MFIs in the state, Deputy Chief Minister S K Modi told the state assembly. To a supplementary question, he said there were no RBI guidelines in place to rein in the activities of such financial institutions and, keeping this in mind, the centre was planning to bring a bill for regulating the same. He said his government was mulling over a law to effectively regulate and control MFIs.