Microfinance Institutions Network (MFIN) Appointed Manoj Kumar Nambiar as Its New Chairman (Download PDF)

()

Download PDF of This Page (Size: 400.86 K)

Manoj Kumar Nambiar Managing Director of Arohan Financial Services is elected as new chairman of Microfinance Institutions Network (MFIN) at the 6th annual general meeting of MFIN. He is also the Director on Boards of IntelleCash Microfinance Network Company.

This is image show in MFIN & Social performance

This is Image Show in MFIN & Social Performance

This is image show in MFIN & Social performance

Microfinance Institutions Network (MFIN)

Microfinance Institutions Network was established as a society in Dec 2009 under Andhra Pradesh Societies Registration Act 2001 as an association for microfinance sector in India.

It also acts as a Self-Regulatory Organisation (SRO) for regulated NBFC-MFI.

Background & Overview

  • According to MFIN Bye-Laws all NBFCs or the Non Banking Financial Companies registered with Reserve Bank of India as NBFC-MFIs are eligible to become the Society’s member.

  • MFIN comprises 56 NBFC-MFIs (Non-Banking Financial Company-Micro Finance Institutions) and 40 associates including banks, small finance banks and NBFC.

  • It comprises of Members elected from amongst leadership of member MFIs and 33 % of Board comprises of independent Members.

  • It controls 90 % of India’s MFI business. In financial year 2018 - 19 the microfinance industry saw a 38 % growth in its gross loan portfolio at Rs. 1.87 lakh crore.

Significance

  • It has successfully brought in rural India into folds of financial inclusion.

  • The database consists of over 30M micro borrowers and about 60 million loan accounts.

  • When a person applies for the loan, MFI checks for the loan history and verifies the RBIs benchmark with the credit reports. The credit reports are 80 - 90 % accurate.

  • MFIs also undertake significant social activities across health, education and skill development on a non-profit basis.

- Published/Last Modified on: August 15, 2019

Economy, Appointments

Monthy-updated, fully-solved, large current affairs-2019 question bank(more than 2000 problems): Quickly cover most-important current-affairs questions with pointwise explanations especially designed for IAS, NTA-NET, Bank-PO and other competetive exams.