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Self Regulatory Organization for MFIs Launched in India
Kashyap, A.
The Microfinance Institutions Network (MFIN), a self-regulatory body, initiated by Reserve Bank of India (RBI)-regulated MFIs was launched today in Mumbai, India. MFIN’s launch comes at a time when the country’s microfinance sector has come under increasing scrutiny as it deals with issues such as excessive lending and multiple borrowings, and the resultant over indebtedness of borrowers and MFIs’ aggressive collection practices.
Funded by the Omidyar Network, MFIN will invest US$430,000 in a credit bureau and seeks to play a more active role in guiding the sector and not limit itself to being a watchdog organization. MFIN counts 31 MFIs (classified as non-banking financial companies) among its members, who between them account for 70% of the total microfinance loans in the country.
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Posted: 09 Mar 2010
Source: Microfinance Insights
Originally Published: 09 Mar 2010
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