Kyaw Maung Maung - Microfinance Law

Microfinance Law

(2011, Union Parliament Law No. 13.)

1353, 5th day of the new moon of the Nattaw month

(November 30, 2011)

The Union Parliament has enacted the following law.

Chapter (1)

Name and meaning description

1. This law may be called the Microfinance Business Law.

2. The following expressions in this law shall have the meanings indicated:

(a) Microfinance refers to the provision of small loans to the grassroots, acceptance of deposits from them, remittance of funds, insurance business, borrowing from domestic and foreign sources, and other financial activities.

(b) Microfinance Institutions Law Microfinance institutions are domestic and foreign organizations, partnerships, companies, cooperatives, banks and non-bank financial institutions that have been established and registered under the Microfinance Act and have obtained a business license to operate and operate microfinance institutions with the aim of reducing poverty among the grassroots and improving their socio-economic lives.

(c) Microcredit refers to money lent without the need for collateral to reduce poverty and improve the socio-economic lives of the grassroots.

(d) The grassroots means the rural and urban income

The people, including the poor farmers, workers, and vendors.

(e)

The Rural Development and Poverty Reduction Working Committee is a body established by the Office of the President.

The Rural Development and Poverty Reduction Working Committee.

(f) Ministry means the Ministry of Finance and Revenue of the Union Government.

(g) Supervisory Committee means the microfinance institution established by the Union Government under this Law.