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August 2010 Economy


Microfinance Institutions Network (MFIN), a self-regulatory organization of microfinance institutions (MFIs) in India, has decided to set up seven task forces to monitor and manage the MFIs and look into credit bureau, transparency, code of conduct, human resource development, policy issues, product diversification and media relations. 



The parliament passed the State Bank of India (Amendment) Bill providing for reduction of government equity to 51 per cent from a minimum of 55 per cent. With the passing of this Bill, the State Bank of India will raise fresh funds from the capital market. 


The RBI has hiked the repo rate by 0.25 percentage points to 5.75 per cent and the reverse repo rate by 0.50 percentage point to 4.50 per cent. The repo rate is the rate at which the central bank lends to banks while the reverse repo is the rate it pays to banks for parking funds with it. 



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