MFIN-INDIA SEPTEMBER 2014
Micro Finance Institutions Network : MFinclusion

Micro Finance Institutions Network :MicroVision

From The CEO's Desk

As an old adage goes, “necessity is the mother of invention”. With MFIN expanding its wings so as cover the much larger world of all players in the financial inclusion space, a monthly newsletter that would address the sector’s need for information was seen as a necessity. MFinclusion, will serve as our medium for bringing to you news on the industry, developments of interest to members and Associates and ‘stories’ from the field. Some relabeling and repackaging of what we had been doing earlier, of course, but the effort shall be to make MFinclusion more interesting, topical, useful and meaningful for a wider readership.

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Voice From The Field

Saichandan Mohanty, is your regular 25 year old young man; a closer look at him, however, tells you a different story. A story of grit and determination! Saichandan was born differently abled to a family of four in the Kandhmal district of Odisha. A secondary school pass out; he always took a keen interest in arts and crafts since his childhood. Building on his passion, Saichandan enrolled himself in a vocational training of bamboo crafts.

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View Point

A veteran banker of about forty five years, Mr. Vinay Baijal retired from the Reserve Bank of India as the Chief General Manager (CGM) after working there for 35 long years. He primarily dealt with the regulatory framework for foreign banks in India, with emphasis on International banking and Anti-Money Laundering. Mr. Baijal was also the founding CEO of Banking Codes and Standards Board of India (BCSBI). He also worked as a member of the SEBI “Committee on Mis-selling of Mutual Funds” in 2011-12. In conversation with MFIN, Mr. Vinay Baijal, Board Member, MFIN shares his experiences about the industry environment and how MFIN fits into the landscape.

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Industry Watch

A round up of the important developments that the industry was privy to in the month of September.

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Anecdotes

RGVN (North East) MFL formally joined the MFIN member network fold in the month of October. One of the very few MFIs in the country with a specific focus on the North East region in the country, RGVN (NE) registered serves five states of Assam, Arunachal Pradesh, Meghalaya, Nagaland and Sikkim through a network of 102 branches. Ms. Ms. Rupali Kalita, Managing Director, RGVN (NE) MFL in a freewheeling chat shares some of her thoughts on the membership.

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what is MicroFinance
Milestones

“Access to Credit is a Human Right - Microfinance is still a footnote in the mainstream banking sector which has not extended itself to the poorest people!” - Mohammad Yunus, father of microfinance quoted in the Sydney Morning Herald commenting on the lack of penetration of microfinance in varying geographies

1. The 17th Microcredit Summit was held in Mexico from the 3rd-5th of September. Mr. Alok Prasad was invited to speak at two sessions, namely ‘Next Generation of Innovations’ and ‘Role of Government and Network in Regulation and Support of MFIs’. The session on ‘Role of Government and Network in Regulation and Support of MFIs’ at the Summit was co-hosted by MFIN.

2. A State Bank of Vietnam team met Mr. Prasad on 12th September, 2014 for a discussion on the regulatory landscape of the microfinance industry including issues around Small Bank Guidelines.

3. The Reserve Bank of India held a meeting on the pre-Monetary Policy chaired by the Governor on the 16th of September, 2014. Mr. Alok Prasad, CEO represented MFIN at the meeting. The submissions made covered micro-regulations for NBFC-MFIs, Priority Sector Lending (PSL), draft guidelines for ‘Small Banks’, ‘Small Accounts’ for microfinance clients and data sharing amongst various Credit Information Companies (CICs). As a follow up action, four notes covering issues of micro-regulations, PSL, draft guidelines on ‘Small Banks’ and ‘Small Accounts’ were sent to the Deputy Governors, Mr. R. Gandhi and Mr. Urjit Patel on 19th September, 2014. MFIN’s President and CEO are meeting the RBI Governor on the 21st of October 2014 to discuss various industry issues.
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Micro Finance Institutions Network (MFIN) is the Association of Non-Bank Finance Company- Micro Finance Institutions (NBFC-MFIs). It was established in October 2009 as the primary representative body of NBFC-MFIs, all of whom are regulated by the Reserve Bank of India (RBI) and primarily engaged in the business of providing Microfinance to low income households. It also acts as the Self Regulatory Organisation (SRO) for the industry as mandated by the Reserve of India.
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Credits: Editor - Vaishali Mishra | Contributors - Pallavi Sen | Design & Layout - Kyrosoft