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195Re: Micro Financing by Registered societies or trusts

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  • jaggarao
    Nov 16, 2010
      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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