BANKING AFFAIRS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Who is the chairman of the committee constituted by RBI to study Issues and Concerns in the Micro Finance Institutions (MFI) Sector?
A
YH Malegam
B
Dr KC Chakraborty
C
M Damodaran
D
Smt Usha Thorat
Explanation: 

Detailed explanation-1: -The correct answer is Y H Malegam. The Board of Directors of RBI constituted a Sub-Committee to study the issues and concerns on the microfinance sector. This SubCommittee of the Board was formed on October 15, 2010, under the chairmanship of Mr Y.H.

Detailed explanation-2: -6. One key milestone in the evolution of this regulatory framework was the constitution of the committee under the Chairmanship of Shri Y. H. Malegam. Based on the recommendations of this Committee, RBI introduced a comprehensive regulatory framework for NBFC-MFIs in December 2011.

Detailed explanation-3: -Y. H. Malegam Committee is an expert committee constituted by the Reserve Bank of India in February 2018 to look into: Rising incidents of fraud. The effectiveness of audits. And classification of bad loans.

Detailed explanation-4: -Regulatory approach towards microfinance has been largely based on the recommendations of the Malegam Committee.

Detailed explanation-5: -In the wake of the Andhra Pradesh micro finance crisis in 2010, a Sub-Committee of the Central Board of the Reserve Bank (Chairman: Shri Y. H. Malegam) was constituted to study issues and concerns in the MFI sector.

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