4. Powers, duties and functions of the Authority

The powers, duties and functions of the Authority shall be to –

licence and regulate persons engaged in the moneylending business and the microfinance business;

supervise persons engaged in the moneylending business and the microfinance business;

determine policies on market conduct and supervise and regulate the licencees in line with market developments;

coordinate with the regulatory authorities including the Credit Information Bureau of Sri

liaise with and secure the co-operation of

conduct credit counseling and financial literacy programmes and awareness programmes on moneylending and microfinance, for the general public;

establish a complaint handing mechanism to handle the complaints of the customers of licensed moneylending and licensed microfinance institutions and maintain a database of such complaints;

maintain a database of the licensed moneylenders and licensed microfinance institutions;

conduct surveys and research on moneylending and microfinance activities;

hold, take, give on lease, hire, sell, mortgage, grant, assign, exchange or otherwise dispose of the movable or immovable property belonging to the Authority;

receive grants, gifts or donations in cash or kind:

enter into and execute, whether directly or through any officer or agent authorized in that behalf by the Authority, all such contracts or agreements as may be necessary, for the discharge of the functions of the Authority;

open and maintain any account with any bank as it may think appropriate, and such account shall be operated in accordance with prevailing applicable written laws;

manage, control, administer and operate the

make rules for the administration of the affairs of the Authority;

subject to the provisions of section 15, outsource any of its functions as may be determined by the

formulate a procedure for the appointment, promotion, remuneration and disciplinary control of the employees and the grant of leave and other emoluments of such employees;

make rules for the payment of money out of the

to levy fees or charges for any service rendered by the Authority; and

do all such other acts which may be incidental or conducive to the attainment of the objects of this