RBI accords self regulatory organisation status to MFIN

Tags: News
The Reserve Bank has recognised Micro Finance Institutions Network (MFIN), the industry association for the micro-finance industry, as a self regulatory organisation for NBFC-MFIs.

"MFIN,...Has been formally recognised by the Reserve Bank of India (RBI) as the SRO (self regulatory organisation) for NBFC-MFIs. This makes MFIN the first RBI recognised SRO in the country," the industry association said in a release today.

Status of MFIN as the SRO is likely to promote responsible lending and client protection.

Last year in November, RBI had announced it would accord recognition to industry associations as self regulatory organisations of non-banking financial companies that are engaged in micro finance (NBFC-MFIs or Non-Banking Financial Companies-Micro Finance Institutions) and had invited applications for recognition as SROs.

The decision was taken by RBI based on the recommendations made by a sub-committee under the chairmanship of Y H Malegam which was formed to study the issues and concerns in the micro-finance sector.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture