Christmas Come to MFIN: India's Voluntary SRO and Association for NBFC-MFIs
The Microfinance Insitutions Network: Established in December 2009 as a Society (not-for-profit) and registered under the Andhra Pradesh Societies Registration Act, 2001 on the model of a Self-Regulatory Organization for the Microfinance Institutions (NBFC-MFIs) – Constitutionally, Structurally and Functionally. MFIN membership comprises only NBFC-MFIs registered with the RBI. MFIN currently has 40+ members, constituting over 80%+ of the microfinance institution business in India. Year ending March 2012, MFIN members’ outreach was reported at 20 million + low-income borrowers with a loan outstanding of INR ~20,000 Cr (INR 200 Bn). MFIN’s vision is to “Help provide inclusive financial services to 100 million low income households by the year 2020, in a responsible & transparent manner.”
Apart from the voluntary SRO role, MFIN has played a key role in building the world’s quickest and largest credit information repository of micro-credit borrowers through several credit bureaux in India.
More on www.mfinindia.org
Picture: MFIN Team (Left to Right: Priya, Nikhil, Praveen, Alok, Sugandh, Rohini) celebrating the onset of the festive season at Sugandh’s French Art-Deco vilament with a traditional lunch – Biryani (aromatic long grain rice cooked with right sized mutton pieces, secret Indian spices ‘n clarified butter, all this cooked exceptionally slowly in a pot tightly sealed with whole wheat flour dough) with raiytah (whipped yoghurt with mini chickpea flour dumplings) and a sponge cake-organic milk- fruit spread pudding.
