Microcredit Regulatory Authority

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MRA Act 2006

MRA act 2006 is available in PDF format.

Click here to download approved Bengali version of MRA act.

Click here to download approved Bengali version of MRA act (as amended up to 2015).

Click here to download unofficial translation of MRA act in English.


Basic features of the Microcredit Regulatory Authority Act, 2006
The Act is the basic skeleton of regulatory requirements, which has a scope to expand further by formulating rules. Following are the important areas which have been covered in the law;
  1. formation of the Authority,
  2. duties of the Authority,
  3. prerequisites of license for MFIs,
  4. rights and responsibilities of MFIs,
  5. deposit insurance fund,
  6. governance of MFIs,
  7. reserve requirement,
  8. profit distribution,
  9. operational requirement,
  10. illegal activities and punishment, etc.

The Authority has drafted a set of rules and regulations under the coverage of the law, which is waiting for government approval. It is expected that this set of rules will help the sector to take a formal institutional shape. This draft has been finalized after thorough consultation with the sector at different levels. It addresses the issue of service charge, good governance, savings collection, merger, sources of fund, rights and responsibilities, reserve requirement and use of surplus fund, liquidity requirement, financial transparency, audit requirement etc.