Branos Enable public-private partnerships by linking MFIs with state-run microcredit programs. Please refer to www. A very critical aspect indeed…. Dear Sasi Garu Many thanks and I have enjoyed your analysis and responses as welll and I did with the one above It has shown the right strategic intent and direction for establishing a uniform national regulatory framework for micro-finance in India that attempts to put clients first… Ladies and Gentlemen, let us give the committee a Big Warm Hand …rather than JUST nitpicking on specific issues that can perhaps be sorted out through discussion and dialogue… Clearly, it is about time that we — stop being Penny Wise and Pound Foolish and — recognize the huge and legitimate platform for action that the Malegam committee has provided all of us….
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It also said that banks and financial institutions have a case to special treatment for guarantees in the amended provisions of Section 28 of the Indian Contract Act This particularly concerns guarantees to the government, under which claims can be enforced even up to 30 years causing banks and financial institutions to keep securities and margins for long periods.
The committee has formulated specific proposals to give effect to the suggestions made by the Narasimham Committee on banking sector reforms. The committee under the chairmanship of T R Andhyarujina, senior Supreme Court advocates and former Solicitor General of India, has submitted four reports.
One is on the debt recovery tribunals. The second is on the recent amendment to Section 28 of the Indian Contract Act The third is on powers for taking possession and sale of securities without intervention of court to banks and financial institutions. The fourth is a law for securitisation. In its report on the debt recovery tribunals or DRTs, the committee said even after the recent amendment to the recovery of debts to banks and Financial Institutions Act , or DRT Act, extensive changes are required to confer larger powers on the tribunals for the expeditious disposal of claims of banks and financial institutions.
The committee recognised the need for expertise in the personnel of the tribunal in view of complex transactional matters such as project financing, securitisation and new kinds of debt instruments involving high stakes, which will come up in future before these tribunals.
It said the government might have to consider changing the set up of the tribunals in future to include members having expertise in such matters. The status and personnel of the tribunal should be upgraded in the meantime. The committee has also recommended that conflicts of jurisdiction experienced between the working of the winding up court under the Companies Act and the jurisdiction of the BIFR under Sick Industrial Companies Act should be clarified.
The tribunal should be given the authority to allow banks and financial institutions to serve the parties with summons for urgent orders. It further recommended that the central government should be invested with the power to make regulations for a uniform procedure to be adopted by all the tribunals in the country.
The committee has suggested that government may consider conferring the powers of contempt of court on the tribunals for effective implementation of their orders. If the tribunals are to function smoothly, it must be ensured that infrastructure requirements are expeditiously provided to them. For this purpose, the committee recommended that the DRT Act should be amended to cast an obligation on the RBI to constitute an infrastructural fund for the tribunals to ensure and facilitate and administrative and infrastructural requirements of the tribunals.
In its report on the amendment made to Section 28 of the Contract Act in , the committee has stated that the banks and financial institutions have a case to have a special treatment for guarantees in the amended provisions of Section 28, particularly guarantees to government under which claims can be enforced even up to 30 years causing the banks and financial institutions to keep securities and margins for log periods.
It recommended a reasonable period to be provided to the bank to enforce their rights under the guarantee after a specified event, which would extinguish or discharge the banks from their liability under a guarantee. In its report on the powers of taking possession and sale of securities without the intervention of court, the committee has recognised that the right of private sale of movable and immovable property should be conferred to banks and financial institutions for speedy recovery as have been conferred upon land development banks and state finance corporations.
For this purpose, a new law may incorporate power of sale without intervention of the court in cases where the mortgagees are banks and financial institutions with proper safeguards. Such a special law would also define a charge by way of hypothecation, floating charge and crystallisation of the floating charge into the rights and obligations of the hypothecator and hypothecatee with power of sale without the intervention of the court to banks and financial institutions.
The law should provide for the setting up of a new registry jointly by the banks and financial institutions for registration of mortgages and hypothecation charges in place of the present obsolete and dilatory office of sub-registrar of assurance which are presently keeping records of transfers.
In its report on securitisation, the committee has recognised that it was time to examine the methodology of facilitating the modern concept of securitisation, which contemplates dealings in a new genre of commercial property. The committee has examined the essential ingredients of a securitisation transaction and suggested a draft bill for undertaking such transactions.
It said that only with a new law there could be effective securitisation in a present dynamic field in which the development of law must assist the business world in achieving its goals.
MALEGAM COMMITTEE REPORT ON MICROFINANCE PDF
Constitution of the Committee : The Board ofFinancial Supervision of the Reserve Bank of India has, for some time, beenconcerned with the increasing level and complexity of frauds and thedifficulties being faced by the banks. The Committee wasconstituted under the Chairmanship of Dr. Ravisankar, F. At the first meeting of the Committee, Ms.
M2 Archive: Preview
The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search — well, at least we think so but you be the judge. With this makeover, we also take a small step into social media. We will now use Twitter albeit one way to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy. The site can be accessed through most browsers and devices; it also meets accessibility standards.
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