About Us

About Us

In the decade leading up to 2009, the Non-Bank Finance Company-Micro Finance Institution (NBFC-MFI) model proved itself to be a viable and sustainable means of providing access to finance and meet the financial requirements of the bottom of the pyramid population. As a dedicated credit delivery channel for vast un-banked/under-banked segments, NBFC-MFIs have been playing a significant role in taking forward the Financial Inclusion agenda of the Government of India. What sets NBFC-MFIs apart is the fact that they do not depend on grants or subsidies to provide unsecured loans people with low incomes and no access to the banking system. Instead, they have used market oriented solutions that encourage self-reliance and entrepreneurship amongst its clients.

By 2009, NBFC-MFIs were contributing to a significant proportion of the aggregate Microfinance activity in India. In FY2009-10, this class of institutions had, at a pan-India level, succeeded in reaching out to over 23 million low income clients with total lending in excess of Rs 1800 Crores. As the NBFC-MFI industry grew, so did its need for transparency and better governance. It was against this backdrop that the industry felt the need for an organization that would establish a framework for fair practices and client protection for NBFC-MFIs and promote the development of a robust Microfinance industry in India.

Who We Are

who

MFIN was established in October 2009 as a Society under the Andhra Pradesh Societies Registration Act 2001. As per MFIN Bye-Laws, all NBFCs registered with the RBI as NBFC-MFIs are eligible for membership of the Society. MFIN is to a large extent member funded. Its Governing Board comprises of Members elected from amongst the leadership of member MFIs. One third of the Board comprises independent Members.

The Reserve Bank of India (RBI) vide its letter dated 16th June, 2014 accorded recognition to MFIN as Self Regulatory Organisation (SRO) of NBFC-MFIs.

MFIN works closely with regulators and other key stakeholders and plays an active part in the larger financial inclusions dialogue through the medium of microfinance.

MFIN Organogram

mfin annual report edited

Figure: MFIN Organogram

MFIN – Bye-laws

Serial No. Details Issued On Enclosures
1 MFIN-Bye-laws 26th May, 2015 Download

MFIN – Code of Conduct

Serial No. MFIN COC – Vernacular versions Enclosures
1 MFIN 2nd-Edition COC Hindi Download
2 MFIN 2nd-Edition COC Tamil Download
3 MFIN 2nd-Edition COC Gujarati Download
4 MFIN 2nd-Edition COC Bengali Download
5 MFIN 2nd-Edition COC Assamese Download
6 MFIN 2nd-Edition COC Urdu Download
7 MFIN 2nd-Edition COC Punjabi Download
8 MFIN 2nd-Edition COC Telugu Download
9 MFIN 2nd-Edition COC Odiya Download
10 MFIN 2nd-Edition COC Marathi Download
11 Master Circular – Fair Practices Code Download
12 Industry Code of Conduct Download
13 The RBI Fair Practices Code for NBFC-MFIs Download

Governing Board

Rakesh Dubey
President
CEO, SV Creditline Pvt Ltd.
Anand Rao
Vice President
MD, Chaitanya India Fin Credit
Meenal Patole
Promoter and CEO, Agora Microfinance India Limited
Devesh Sachdev
Cofounder & CEO, Fusion Microfinance Pvt. Ltd.
Dibyajyoti Pattanaik
Director, Annapurna Microfinance Pvt. Ltd.
Mohammad Nooruddin Amin
Managing Director of Adhikar Micro finance Pvt Ltd

Independent Board Members

Rajat Kathuria
Director and Chief Executive at ICRIER
Vinay Baijal
Retired CGM, RBI
Navin Kumar Maini
Deputy Managing Director, SIDBI

Secretariat

Ratna Vishwanathan
CEO
Pallavi Sen
Head SRO and Compliance Officer
Achla Savyasaachi
Head State Initiatives
Sugandh Saxena
Head Advocacy and Development
Vaishali Mishra
Head Communications and Marketing
Jatinder Handoo
AVP Advocacy and Strategic Alliances
Amit Mathur
AVP Development and Information Hub
Devika Misra
Manager – Information Hub
Sheetal Prasad
Manager – Self Regulation and Compliance
Mrinal Pant
AVP North
Habib Shaikh
AVP East
Suyog Pradhan
AVP West
Suseela Anand
AVP South
Sharad Garg
Finance, HR and Admin Manager

Task Forces

MFIN has established a number of Task Forces for focused action on specific areas of activity that, from an overall industry standpoint, are deemed critical. The Task Forces comprise of representatives of member institutions who help drive specific initiatives with the support of the MFIN Secretariat.

The Advocacy & Communications Task Force is responsible for engaging with the Reserve Bank of India, Central Government, State Governments, and other key stakeholders and decision makers. The Task Force holds regular dialogues with key policy makers to create a favourable operating environment for the Microfinance Industry. The Task Force is also responsible for managing the Communications strategy of MFIN. The members of the Task Force are as under:

Advocacy & Communications Task Force Members
Name Representative Organization
Rakesh Dubey (Chair) SV Creditline Private Limited
Devesh Sachdev Fusion Microfinance
Meenal Patole Agora Microfinance India Limited
Dibyajyoti Pattanaik Annapurna Microfinance
Anand Rao Chaitanya Microfinance
Ratna Vishwanathan MFIN
Sugandh Saxena (Member Secretary) MFIN

The Credit Bureau Task Force is responsible to develop the credit bureau eco system for the microfinance clients in the country. The members of the Task Force are as under:

Credit Bureau Task Force Members
Name Representative Organization
Rakesh Dubey (Chair) SV Creditline Private Limited
Ritesh Chatterjee Bharat Financial Inclusion Limited
Sadaf Sayeed Muthoot Microfin Pvt Ltd
Dev Verma Satin Creditcare Network Limited
Anujeet Varadkar Svatantra Microfinance Pvt. Ltd
Anil Girotra Permanent Invitee From EC
Sugandh Saxena (Member Secretary) MFIN

This Task Force will work towards development of a comprehensive framework of MFIN’s state level engagement and put in place an effective state level engagement model though state chapters and associations to deepen advocacy, communication and self-regulatory function of MFIN at state and district level. This Task Force also has the responsibility to look at the scope of MFIN membership to make MFIN more inclusive including review of current membership criterion and due-diligence process.

State Chapters & Membership Task Force Members
Name Representative Organization
Anand Rao (Chair) Chaitanya Microfinance
Dibyajyoti Pattanaik Annapurna Microfinance
Meenal Patole Agora Microfinance India Limited
Achla Savyasaachi (Member Secretary) MFIN

The Bye Laws of MFIN provides for a SRO Committee, which is a Board sub-Committee. The role of the Committee is to provide guidance and steer for taking forth the SRO agenda. The composition of the Committee comprises 2 Board members from industry, 1 independent Board member, and two outside members, along with the CEO.

Self-Regulatory Committee (SRC)
Name Representative Organization
N K Maini (Chair) Ex-DMD, SIDBI, Independent Member MFIN Board
Rajat Kathuria Director & CEO, Indian Council for Research on International Economic Relations (ICRIER), Independent Member, MFIN Board
Kshama Fernandes CEO, IFMR, Independent Member
Anand Rao CEO, Chaitanya Microfinance, Board & Industry Member
Haresh Kulshrestha EC Chair, Ex-CGM, RBI, Ex-officio Member
Ratna Vishwanathan CEO, MFIN, Ex-officio Membe
Pallavi Sen Yadav Member Secretary, Head SRO & Compliance Officer
MFIN has introduced new task forces to strengthen the MFIN governance. They are Resource Mobilisation, Small MFIs Task Force, Nominations Task Force, Finance and Audit, and Human Resources.
Nominations
Name Representative Organization
Rakesh Dubey (Chair) SV Creditline Private Limited
Vinay Baijal Ex- CGM RBI
Ratna Vishwanathan (Member Secretary) MFIN
Resource Mobilisation
Name Representative Organization
Mr. N K Maini (Chair) Ex- Deputy Managing Director, SIDBI
Mr. Rajat Kathuria Director and Chief Executive at ICRIER
Dr. Kshama Fernandes CEO, IFMR Capital
Mr. R. Baskar Babu CEO, Suryoday Micro Finance Pvt Ltd
Mr. Haresh Kulshrestha (Ex-officio) Chief General Manager (Retd.), RBI
Ms. Ratna Vishwanathan (Ex-officio) CEO, MFIN
Ms. Pallavi Sen (Member Secretary) Head SRO & Compliance Officer, MFIN
Small MFIs
Name Representative Organization
Meenal Patole (Chair) Agora Microfinance India Limited
Anand Rao Chaitanya Microfinance
Satya Chakrapani Shikhar Microfinance Pvt. Ltd
Rupali Kalita RGVN Microfinance Ltd
S R Sinha Saija Finance Private Limited
Amit Mathur (Member Secretary) MFIN
Human Resources
Name Representative Organization
Rakesh Dubey SV Creditline Private Limited
N K Maini Independent Board Member
R Baskar Babu (Chair) Suryoday Micro Finance Pvt Ltd
Ratna Vishwanathan (Member Secretary) MFIN
Finance and Audit
Name Representative Organization
Rajat Kathuria (Chair) Independent Board Member
Devesh Sachdev Fusion Microfinance
Ratna Vishwanathan MFIN
Sharad Garg (Member Secretary) MFIN