Department history
Brief background history
1. After Myanmar's independence, in 1948, the state's business enterprises were planned, and a government pawn shop planning committee was formed under the Ministry of Commodity Distribution and Cooperatives to operate foreign-owned pawn shops as state-owned enterprises. The first government pawn shop was opened in Insein on November 11, 1952, and began lending operations.
2. As the number of government pawnshops increases, the government pawnshop department needs to be expanded. From 1-3-1955, the State Pawn Shop Management Board was established by the Ministry of Commodity Distribution and Cooperatives' Notification No. (10) dated 8-2-1955 and supervised and administered all government pawn shop operations.
3. Around 1960, the National Government Pawnshop Supervision Board was reorganized from the Ministry of Commodity Distribution and Cooperatives to the Ministry of Democratic Local Administration and Local Organizations. According to the announcement dated 30-9-1961 of the Ministry of Local Government and Local Government, the National Government Pawn Shop Supervisory Board was dissolved on the evening of 30-9-1961, and according to the Burma Economic Development Corporation Act of 1961 (Act No. 13 of 1961), from 1-10-1961, the government pawn shop business was transferred to the Burma Economic Development Corporation (Burma Economic Development Corporation). Development Corporation -BEDC) came under.
4. According to the law amending the Myanmar Economic Development Corporation Act of 1962 (Union of Myanmar Revolutionary Council Law No.-30 of 1962), the name of "Government Pawn Shop" was changed to "People Loans Co., Ltd."
5. As the Union of Myanmar Revolutionary Council (BEDC) was nationalized, Public Credit Company Limited came under the supervision of the Nationalization Committee from 17-9-1963.
6. Nationalization Committee's letter dated 7-11-1963 No. By PTAK/1/Kawa/63, all the companies listed in the (BEDC) list were handed over to the relevant ministries (with the same business), and the People's Loan Company Limited came under the control of the Ministry of Finance and Taxes and existed as the "People's Loan Department". The Ministry of Finance and Tax transferred the "Public Credit Department" to the Banking Business Nationalization Committee (BBNC) from 1-10-1984.
7. 1967 by the Revolutionary Council of the Union of Myanmar. The Union of Myanmar Revolutionary Council Law No. (1/1967) promulgated the Union of Myanmar People's Bank Law. According to this law, the "People's Loan Department" was transferred to the People's Bank of the Union of Myanmar from 1-11-1969 and changed its name to "Small Loans Division".
8. Union Socialist Republic of Myanmar According to the Bank Law enacted by Law No. (9/1975), starting from 1-4-1976, when the second-level banks were reorganized, the "Small Credit Department" was renamed the Myanmar Economic Bank (head office) "Small Credit Department" under the Ministry of Planning and Finance.
9. When the state government promulgated the Myanmar Financial Institutions Law in 1990, according to the approval of the cabinet meeting No. (22/92) held on 10-6-1992, from August 14, 1992, it was established as a separate department under the Ministry of Planning and Finance under the name of "Myanmar Microcredit Industry".
10. In addition to the current microcredit business, Myanmar Microfinance is participating in the "Microfinance Supervision Committee" to systematically supervise the microfinance institutions that are working for rural development and poverty reduction according to the national policy. Since the microfinance institutions will be assigned the task of supervising and inspecting in accordance with the rules, according to the approval of the Union Cabinet Meeting No. (25/2011) held on 6-10-2011, the "Myanmar Microfinance Industry" was amended and changed to "Myanmar Microfinance Supervision and Inspection Industry" from 11-10-2011.
11. Article 188 of the 2008 Constitution of the Republic of the Union of Myanmar According to table (2), "small credit business" is included in the list of regional/state legislation. Minimized to comply with these provisions