Union Minister of Medium Small and Micro Enterprises (MSME), Nitin Gadkari Sunday said the Centre will take steps to formulate a policy to allow independent micro-financing organisations to work exclusively in rural areas for micro entrepreneurs.
Responding to suggestions made by Nobel Peace Laureate professor Muhammad Yunus during a seminar held by PanIIT Alumni Reach for India Foundation (PARFI), Gadkari urged the professor to formulate his suggestions into a draft proposal with the NITI Aayog that will be put before the government for approval.
Yunus had pointed out the need to rework government policy to give a banking license to financing corporations that will enable them to take deposits from micro entrepreneurs and give them credits. These organisations will working entirely in the rural sector as social business as a zero dividend company, with no intension of profitability.
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