11. Directions of the Board

Notwithstanding the provisions of any other written law, the Board may issue directions to licensed microfinance companies or to any single licensed microfinance company or to any group or category of microfinance companies

(referred to as “company” in this section) as to the manner in which any aspect of the business and corporate affairs of such company are to be conducted, and in particular –

the terms and conditions under which deposits may be accepted by such company, the maximum rates of interest payable on such deposits, the maximum period for which deposits may be accepted and the maximum amount that may be deposited with a company in the name of one person in one or more accounts;

the terms and conditions under which any loan, credit facility or any type of financial accommodation may be granted by such company, the maximum rates of interest that may be charged on such loans, credit facilities or other types of financial accommodation, and the maximum periods for which any such loan, credit facility or other type of financial accommodation may be granted;

the maximum rates which may be paid to, or charged by, such company by way of commissions, discounts, fees or other receipts or payments whatsoever;

the terms and conditions under which investments may be made by such company and the maximum permissible maturities of such investments;

the minimum amount of core capital and total capital to be maintained;

the establishment of a reserve fund, minimum percentage of annual after-tax profits that a company shall transfer to such fund and other operational aspects of such fund;

the minimum ratio which capital of a company should bear to the assets and the total deposit liabilities of such company;

the minimum ratio which the liquid assets of a company should bear to the total deposit liabilities of such company;

the maximum ratio which total outstanding deposit liabilities should bear to the total outstanding accommodation of such company;

the minimum ratio which the outstanding accommodation granted to low-income persons and to micro enterprises by the company shall bear to the total outstanding accommodation granted by such company;

the establishment of a deposit insurance fund and the premium such company shall transfer to such fund and the other operational aspects of such fund;

internal controls, risk management and a code of corporate governance to be adopted by such company;

a code of conduct to be adopted by such company;

criteria to assess the fitness and propriety of directors, the chief executive officer and key management personnel of, and persons with specified shareholding in, such company;

restrictions on the structural changes to corporate or business affairs of such company;

the grounds upon which a person shall be disqualified from being appointed or elected or from holding the post of a director, chief executive officer, secretary or key management personnel of such company;

the requirement for obtaining prior approval of the

the requirement for obtaining prior approval of the