Microfinance institutions must adhere to RBI guidelines: Udupi DC

Microfinance institutions (MFIs) in Udupi, Karnataka, are being urged to adhere to RBI’s guidelines for the sector. The District Commissioner has emphasized the need for these institutions to follow regulatory norms and ensure that their operations are in line with the Reserve Bank of India’s guidelines on lending practices. MFIs play a critical role in providing financial services to underserved populations, and adhering to regulatory standards is essential for ensuring fair lending practices and protecting consumers. This move aims to promote transparency, accountability, and responsible lending in the microfinance sector, thereby supporting the financial inclusion goals of the RBI.