Correct option is D
The correct answer is: (d) Shri YH Malegam
Information Booster:
In the wake of the 2010 Andhra Pradesh microfinance crisis, the Reserve Bank of India (RBI) constituted a committee under the chairmanship of Shri YH Malegam to study the issues and concerns in the Microfinance Institution (MFI) sector. The committee's recommendations were aimed at improving the regulatory framework and ensuring better practices in the MFI industry, addressing issues related to over-indebtedness, aggressive lending practices, and lack of transparency.
Dr Y V Reddy – Dr Y V Reddy was the former RBI governor but did not chair this specific committee.
Shri Jagdish Kapoor – Shri Jagdish Kapoor is a former deputy governor of RBI but was not the chairperson for this committee.
Shri Mukund M Chitale – He was involved in other RBI committees but not the one formed in response to the MFI crisis.
Shri YH Malegam – Shri YH Malegam was appointed to lead the committee formed by RBI after the Andhra Pradesh microfinance crisis in 2010.
Additional Information:
- Microfinance Institutions (MFIs) provide small loans to low-income individuals, often without collateral.
- In Andhra Pradesh, multiple loans were issued to the same borrowers, leading to over-indebtedness.
- Reports emerged of coercive loan recovery practices, including harassment of borrowers.
English
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