[Background]

The Korea Microfinance Agency has expanded the supply of policy-based microfinance to stabilize the financial lives of low-income citizens. There is a growing need to strengthen support for those excluded from institutional finance to protect them from illegal private lending and excessive interest burdens.

[Main Points]

Increases the contribution rates for financial institutions (as delegated by Article 47, Paragraph 2 of the Act):

Non-banking sector: 0.03% → 0.045%

Banking sector: 0.06% → 0.1%