Explanation:
A microfinance institution (MFI) is an organization that provides financial services to the poor. This very broad definition includes a wide range of providers that vary in their legal structure, mission and methodology.
The goal of microfinance is to give low income people an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance.
In order to safeguard the Funds of the borrowers, government has decided to bring in a governance that would be assessing the MFIs to ensure they are not harassing the borrowers.
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