In 2011, Micro-Finance Institution were installed on the recommendation of Malegam Committee. Yezdi Hirji Malegam is an Indian Chartered accountant, Mr. Malegam also served as a President of Institute of Chartered Accountant of India from 1979 to 1980. Presently Mr. Y.H Malegam is the chairman of National Advisory Committee on Accounting Standards.
Micro finance is a goal, provided a great opportunity to low income people or in other way poor people who become self-sufficient after getting micro-finance, means of saving money, borrowing money and insurance.
The Reserve Bank of India Board of Directors, at its meeting held on 15 October 2010, constituted a Sub-Committee of the Board to study issues and concerns in he micro-finance sector in hitherto as they related to the entities regulated by the Bank.
The composition of the Sub-committee was as under:-