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195Re: Micro Financing by Registered societies or trusts

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  • jaggarao
    Nov 16, 2010
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      It is true that they need not take separate license. For that matter there is no regulatory authority relating to microfinance till now (Bill is pending). The trust deed/bye-laws should allow this activity. They cannot borrow from public for this activity. They accept donations for micro financing if the lending is to the beneficiaries/members.

      --- In lawyersclubindia@yahoogroups.com, "tusharcosmic" <tusharcosmic@...> wrote:
      >
      > As I have studied registered societies and trusts can do micro financing legally and they do not need to take any separate money lenders license also.
      > Is it right?
      > Can these institutions borrow money from public for micro -financing?
      > Can they accept donations for micro financing,Can they use donation money for micro financing?
      > From where they will get the funds to do micro-financing ?
      >
      > Please help,thanks in advance.
      >
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