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CAIT for independent regulator status for MUDRA
02
Feb '16
The Confederation of All India Traders has urged Finance Minister Arun Jaitley to bring in a law in the next session of Parliament for making Micro Units Development & Refinance Agency (MUDRA) an independent regulator, outside the ambit of RBI.

In a press release, the CAIT said such a law would enable MUDRA to develop and regulate finance sector under the agency for catering to financial requirements of small businesses for which the MUDRA was created by the Government. To reach the last mile borrower, MUDRA shops should be opened in markets where a common man can walk in easily and obtain small loans.

According to CAIT, it has become necessary to bring in such a law because “the formal banking sector in India has failed to meet financial needs of small businesses in the country”.

"If big businesses can have SEBI as their regulator and developer than Small Businesses deserves its own Regulator & Developer and even more in terms of MUDRA and therefore an enabling legislation may be brought in budget session of the Parliament making MUDRA as an independent Regulator and Developer, " CAIT National President B. C.Bhartia and Secretary General Praveen Khandelwal said in the release.

Bhartia and Khandelwal regretted that “RBI has never taken care of financial inclusion of small businesses with the result that only 4 per cent of non- corporate sector are able to avail finances from core banking sector.”

“This factor and potential of small businesses prompted Prime Minister Shri Narendra Modi to launch MUDRA on April 8,2015 with a clear mandate for funding the unfunded,” they said.

Bhartia and Khandelwal said that MUDRA is a powerful and innovative idea to connect world's largest non-aggregated business ecosystem consisting of 5.77 crore non-corporate, self-organised small businesses which is in real terms is an employment provider for millions, unmatched by other sectors. (SH)

Fibre2Fashion News Desk – India

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