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

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Figure: MFIN Organogram

Governing Board

 

Rakesh Dubey
President
CEO, SV Creditline Pvt. Ltd.
Devesh Sachdev
Vice President
Cofounder & CEO, Fusion Microfinance Pvt. Ltd.
Meenal Patole
Promoter and CEO, Agora Microfinance India Ltd.
Dibyajyoti Pattanaik
Director, Annapurna Finance Pvt. Ltd.
Mohammad Nooruddin Amin
Managing Director of Adhikar Micro finance Pvt. Ltd.
Udaya Kumar
Managing Director & CEO , CreditAccess Grameen Ltd.
K M Vishwanathan
MD & CEO - M Power Micro Finance Pvt. Ltd.

Independent Board Members

Navin Kumar Maini
Retired Deputy Managing Director- SIDBI
Dr. Alok Misra
Professor- Public Policy & Governance Area, MDI
Desh Raj Dogra
Ex- MD & CEO - CARE Ratings

MFIN – Bye-laws

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

MFIN - FCRA

Serial No. Details Issued On Enclosures
1 MFIN has been granted its first project under FCRA. 18th OCT, 2017 Download

Secretariat

Harsh Shrivastava
CEO, MFIN
Achla Savyasaachi
Head - State Initiatives
Sugandh Saxena
Head – Self Regulatory Organization (SRO)
Swetan Sagar
Head - Advocacy and Development
Vaishali Mishra
Head - Communications and Marketing
Amit Mathur
AVP - Development and Information Hub
Devika Misra
AVP – Information Hub
Sheetal Prasad
AVP – Self Regulation and Compliance
Bhumika Panda
AVP – Communications and Marketing
Sankalp Tripathi
Manager, Grievance Redressal
Jay Tripathi
Manager, Regulation and Surveillance
Jatinder Handoo
AVP North – State Initiatives
Mrinal Pant
AVP Central – State Initiatives
Habib Shaikh
AVP East – State Initiatives
PM Kamalesh
AVP South – State Initiatives
Devendra Shahapurkar
AVP West – State Initiatives
Piyush Singh
Project Coordinator
Sharad Garg
Manager – Operations
Shantanu Kumar
Accounts Officer

MFIN Committees

To guide, steer, oversee and support the SRO work, there is strong governance framework through two committees as under:

The Enforcement Committee is constituted for proper enforcement of the Code of Conduct and exercising oversight adherence to regulatory norms prescribed by the RBI / Government / any other regulatory authority by the member NBFC-MFIs. The role of the EC is to primarily handle issues of non-compliances and grievances arising from clients requiring redressal. The EC can take actions such as a. Issue Warning; b. Issue Censure; c. Levy fines for violations by NBFC-MFIs.

There are 3 independent members and 2 industry members in the EC. The Compliance Officer of MFIN is the non-voting Ex-Officio Member of the EC and a member of the SRO staff is the member secretary to the EC. Current composition the EC is as under:

Name Position on EC Background
K S Singhwan Chair (Independent) Ex CGM, SIDBI
Haresh Kulshrestha Member (Independent) Ex CGM, RBI
Veena Mankar Member (Independent) Chairperson, Swdhaar Finerve
Jugal Kataria Member (Elected industry representative) CFO, Satin Credit Care
Satya Chakrapani Member (Elected industry representative) CEO, Shikhar
Sugandh Saxena Member (Non-voting, ex-officio) Head SRO, MFIN
Sheetal Prasad Member Secretary (Non-voting) AVP, Self-regulation & Compliance, MFIN

The SROC is the appellate body for EC decisions. The SROC can recommend suspension, expulsion and termination of membership to the Board with a speaking order in writing. In addition, SROC provides oversight and directions to SRO functions.

The SROC comprises of 5 (five) Members of which 2 (two) are from amongst the Elected Members of the Board and 2 (two) from Independent Members on the Board. The remaining 1 (one) member of the SROC is an independent person of eminence who is familiar with the financial services industry, whose appointment is approved by the Board. In addition, the Chairperson of the Enforcement Committee (EC) is the member to the SROC. MFIN, CEO is the non-voting Ex-Officio Member of the SROC and the Compliance Officer of MFIN acts as a Member Secretary of the SROC. Current composition the SROC is as under:

Name Position on SROC Background
N K Maini Chair (Independent member of the MFIN Board) Ex Dy CMD, SIDBI
Alok Misra Member (Independent member of the MFIN Board) Professor, MDI
Devesh Sachdev Member (Elected member of the MFIN Board) CEO & MD, Fusion
Udaya Kumar Member (Elected member of the MFIN Board) CEO & MD, Grameen Koota
Ragini Bajaj Choudhary Member (Independent member) CEO, Graymatters Cap
K S Singhwan Member (Chair, EC) Retired CGM, SIDBI
Harsh Shrivastava Member (Non-voting, ex-officio) CEO, MFIN
Sugandh Saxena Member Secretary (Non-voting) Head SRO, MFIN

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 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 members of the Task Force are as under:

Advocacy Task Force Members
Name Representative Organization
Rakesh Dubey (Chair) SV Creditline Pvt. Ltd.
Devesh Sachdev Fusion Microfinance Pvt. Ltd.
Meenal Patole Agora Microfinance India Ltd.
Dibyajyoti Pattanaik Annapurna Finance Pvt. Ltd.
Manoj Nambiar Arohan Financial Services Pvt. Ltd.
Swetan Sagar (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
K M Vishwanathan (Chair) M Power Micro Finance Pvt. Ltd.
Anujeet Varadkar Svatantra Microfinance Pvt. Ltd.
Veena Mankar (permanent invitee from EC) Swadhaar FinServe Pvt. Ltd.
Udaya Kumar CreditAccess Grameen Ltd.
Rakesh Dubey SV Creditline Pvt. Ltd.
Pushkar Parashar Pahal Financial Services Pvt. Ltd.
Swetan Sagar/Devika Misra (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.

State Chapters & Membership Task Force Members
Name Representative Organization
Dibyajyoti Pattanaik (Chair) Annapurna Finance Pvt. Ltd.
Meenal Patole Agora Microfinance India Ltd.
Anand Rao Chaitanya India Fin Credit Pvt. Ltd.
Anup Singh Sonata Finance Pvt Ltd
Achla Savyasaachi (Member Secretary) MFIN
MFIN has introduced new task forces to strengthen the MFIN governance. They are Small MFIs Task Force, Nominations Task Force, Finance and Audit, and Human Resources.

Small MFIs
Name Representative Organization
Meenal Patole (Chair) Agora Microfinance India Ltd.
Anand Rao Chaitanya India Fin Credit Pvt. Ltd.
Satya Chakrapani Shikhar Micrfinance Pvt. Ltd.
Vineet Chatree Svatntra Microfin Pvt.Ltd.
Alok Biswas Janakalyan Consultancy and Services Pvt. Ltd.
Amit Mathur (Member Secretary) MFIN



External Engagement Task Force
Name Representative Organization
Devesh Sachdev (Chair) Fusion Microfinance Pvt. Ltd.
Anand Rao Chaitanya India Fin Credit Pvt. Ltd.
Kartik Mehta Pahal Financial Services Pvt. Ltd.
Vineet Chatree Svatntra Microfin Pvt.Ltd.
Amin Mohammed Adhikar Microfinance Pvt. Ltd.
Achla Savyasaachi MFIN
Vaishali Mishra (Member Secretary) (Member Secretary) - MFIN