Regulations for micro-credit on cards
Tuesday, 26 February 2008

Staff Correspondent

The Micro-credit Regulatory Authority is going to formulate regulations for the micro-financing organisations to monitor their operations properly.

The MRA has formed a sub-committee on Sunday to prepare a draft of the regulations for micro-credit operations and submit it to the MRA by March 15, said a high official of the Bangladesh Bank after a meeting.

'The regulations will provide guidelines for the micro-credit operations, including service charge, term deposit, and liquidity limit, of the micro-financing organisations, he said.

The Micro-credit Reugaloty Authority came into effect in August, 2006. With the MRA chairman and Bangladesh Bank governor Salehuddin Ahmed in the chair, the meeting discussed in details the micro-financing operations in the country.

The sub-committee, headed by the executive vice-president of MRA and executive director of Bangladesh Bank, Khondkar Mazharul Hoque, will prepare the draft guidelines and submit it to the MRA for sending to the central bank board seeking approval, said the official.

Some 200 micro-credit organisations have received licences from the MRA and around 450 more organisations are waiting for licences, he informed. 'The central bank will provide licences to them after conducting field level survey on their organisational activities,' he said.

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