What is more disturbing is that there were enough warning signals of trouble in making over an extended period of time but the MFIs, at least some of them, carried away by their immediate success, failed to pay heed.
These events have been narrated by Dr. Y V Reddy, former Governor, Reserve Bank of India in an article titled “Microfinance Industry in India: Some thoughts” in Economic and Political Weekly (EPW) (October 8, 2011).