MFIN is a member driven organization with a collaborative, consensus based approach to identify and facilitate access to products and services that benefit the end clients and promote financial inclusion. It receives strategic guidance in fulfilling these objectives from the Governing Board, which is comprised of elected members from the leadership of MFIN member MFIs as well as Independent Board members.

The Board comprises a minimum of seven and a maximum of twelve members including a President and a Vice President. One third of the Board consists of Independent Members. Of the independent members, one is from the Associates of the Society. Amongst the Member representatives on the Board, at least one representation on the Board has to be from: a small, a medium & a large NBFC-MFI.

The “Fit and Proper” criteria, as prescribed by the RBI from time to time, is a necessary requirement for becoming a member of the Board. As per MFIN’s bye laws, the tenure of the Board is for three years with one third of the Board members retiring every year.

Currently, MFIN has a 11 member (7 elected members and 4 Independent) Governing Board that supports the broad goals of the organisation and provides overall direction to its activities for ensuring the healthy development of the NBFC-MFI industry.

The current composition of the Board is as under:



Mr. Rakesh Dubey, CEO, SV Creditline Pvt Ltd.

Mr. Rakesh Dubey is a Management Graduate. He has more than 20 years of experience in the Microfinance domain and has an expertise of setting up MFIs- domestic as well as internationally.
Prior to joining the SVCL team, Mr. Dubey has co-founded SONATA Finance Pvt. Limited and CASHPOR, the leading Micro Finance Institutions which are serving more than 2 million households in the Hindi heartland.

Vice President


Mr. Anand Rao, MD, Chaitanya India Fin Credit

Anand Rao is the cofounder and managing director of Chaitanya Microfinance. He has been with Chaitanya for the past 5 years. He has 2 years of experience in the corporate sector and 6 years of experience in the development sector. In the corporate sector, he has worked at Bosch India and Pepsico. In the development sector, he has worked at World Resources Institute, Washington DC and in India at Small Scale Sustainable Infrastructure Development Fund.

meenalMeenal Patole, Promoter and CEO, Agora Microfinance India Limited

Meenal Patole is the promoter and CEO of Agora Microfinance India Limited an MFI that is engaged in urban space, currently in Mumbai, with strong focus on customer oriented business processes and impact. Meenal graduated from the University of Mumbai with Politics and Public Administration majors, holds a post graduate degree (MA in Political Science and International Relations) from the Jawaharlal Nehru University, New Delhi, and MPhil in Planning and Development from the Indian Institute of Technology, Bombay. Shel has nearly two decades of experience in microfinance and livelihood promotion and research. She also has also written and co-authored publications.

ImageMr. Devesh Sachdev, Cofounder & CEO, Fusion Microfinance Pvt. Ltd.

Mr. Devesh Sachdev is the cofounder & CEO of Fusion Microfinance Pvt. Ltd. Transparency, Governance and commitment to create value for all stakeholders keeping clients at the centre are key values of Fusion. He is a XLRI Post Graduate with 16 years of experience in the Service Industry prior to starting this venture. Amongst the diverse experiences, his expertise lies in building business, managing large teams in a cost efficient manner, strategy, key relationship management and handling all dimensions of the business. Devesh has served various Boards since 2008.


Mr. Dibyajyoti Pattanaik, Director, Annapurna Microfinance Pvt. Ltd.

Mr. Dibyajyoti Pattanaik is the Director of Bhubaneswar headquartered Annapurna Microfinance. Mr. Pattanaik has over 12 years of experience in microfinance, micro-enterprise development and development sector consulting. He has worked with Public and Development Sector institutions in various roles before joining Peoples’ Forum as Program Head & CFO in 2007. He played a crucial role in the transformation of mission Annapurna to Annapurna Micro Finance Private Limited, which now operating as an NBFC-MFI across 10 states of India. He holds a Post Graduate in Management from Entrepreneurship Development Institute of India (EDII), Ahmedabad with specialisation in micro finance and micro enterprise management; he also holds a management certificate in microfinance from Boulder Institute of Management, USA.

Independent Board Members


Mr. Rajat Kathuria, Director and Chief Executive at ICRIER

Mr. Rajat Kathuria is Director and Chief Executive at the national think tank Indian Council for Research on International Economic Relations (ICRIER), New Delhi. He worked with Telecom Regulatory Authority of India (TRAI) during its first eight years (1998-2006). He has worked with the World Bank, Washington DC as a Consultant and carried out project assignments for a number of organizations, including ILO, UNCTAD, Lirne Asia, Ernst and Young, Consultancy Development Centre (CDC) and Standing Committee for Public Enterprises (SCOPE). He has an undergraduate degree in Economics from St. Stephens College, a Master’s from Delhi School of Economics and a PhD degree from the University of Maryland, College Park.


Mr. Vinay Baijal, Retired CGM, RBI

Mr. Vinay Baijal retired as Chief General Manager (CGM) from Reserve Bank of India (RBI) after working there for 35 years. He worked as CGM, Department of Banking Operations and Development, Central Office RBI for four years, dealing with regulatory framework for foreign banks in India, with emphasis on International banking and Anti-Money Laundering. As CGM, Foreign Exchange Department, Central Office, RBI he dealt with policy framing and implementation of exchange control in India. Mr Baijal was the founding CEO of Banking Codes and Standards Board of India (BCSBI). Mr Baijal also worked as a member of the SEBI “Committee on Mis-selling of Mutual Funds” in 2011-12. He is associated as a senior consultant with KPMG.


Mr. Sanjay Sinha Managing Director, M-CRIL

Mr. Sanjay Sinha is the Managing Director of Micro-Credit Ratings International Limited (M-CRIL) – a leading development consultancy firm which conducts assessments & ratings of microfinance institutions and provides research and advisory services for the development sector. He holds MPhil in Economics from Oxford University.

navin kumar

Mr. Navin Kumar Maini, Deputy Managing Director, SIDBI

Mr. Navin Kumar Maini is the Deputy Managing Director of SIDBI. He has more than three and a half decades of experience in the commercial and development banking in various facets of financing MSMEs & Large Corporate, Micro Credit and Core Business functions. He was also the Chief Executive Officer of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Mumbai. An alumnus of St. Stephens College, Delhi, Mr. Maini holds a Degree in Law from Delhi University. He is also a Postgraduate in Management from MDI and IIFT, besides being a Certified Associate of Indian Institute of Banking & Finance.

Mohammad Nooruddin Amin

Mr Mohammad Nooruddin Amin, Managing Director of Adhikar Micro finance Pvt Ltd

Mr Mohammad Nooruddin Amin, Managing Director of Adhikar Micro finance Pvt Ltd. working in the field of financial Inclusion in the Eastern Part of India, Odisha being the focus state. He is one of the early votaries of Micro finance movement. He innovated the concept of Money remittance for the migrant workers and also initiated the cooperative movement in the state of odisha. Mr Amin is experimenting the Micro finance for about two decades in extremely difficult conditions including left wing extremist affected districts of odisha and Chhatisgarh. He was a human rights activists studied Law from Utkal University, Bhubaneswar, studied Human Rights in Chulalongkorn University, Bangkok, later on trained in Garmin Bank and subsequently in Harvard Business School, Boston, USA. He got the Ashoka Fellowship from Ashoka Trust, USA in 1996.

MFIN – Bye-laws

# Details Issued On Enclosures
1 MFIN-Bye-laws 26th May, 2015 Download

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.

Task Force on Advocacy & Communications

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

Task Force on Credit Bureau

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
R Baskar Babu Suryoday Micro Finance Pvt Ltd
Ritesh Chatterjee Bharat Financial Inclusion Limited
Mr. Sadaf Sayeed Muthoot Microfin Pvt Ltd
Dev Verma Satin Creditcare Network Limited
Anujeet Varadkar Svatantra Microfinance Pvt. Ltd
Sugandh Saxena (Member Secretary) MFIN

Task Force on State Chapters & Membership

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

Self-Regulatory Committee (SRC)

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
Mr. 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
Mr. Vinay Baijal Ex- CGM RBI
Dr. Kshama Fernandes CEO, IFMR, Independent Member
Mr. R. Baskar Babu CEO, Suryoday Micro Finance Pvt Ltd
Anand Rao CEO, Chaitanya Microfinance, Board & Industry Member
Alok Misra Faculty, MDI, Gurgaon, Special Invitee to SROC
Mr. Govind Singh MD, Utkarsh Financial Services
Mr. Haresh Kulshrestha EC Chair, Ex-CGM, RBI, Ex-officio Member
Ms. Pallavi Sen (Member Secretary) Member Secretary, Head SRO & Compliance Officer
Ms. Ratna Vishwanathan (Member Secretary) CEO, MFIN, Ex-officio Member

Task Forces on Resource Mobilisation, Small MFIs, Nominations, Human Resources, Finance and Audit

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.


Name Representative Organization
Baskar Babu (Chair) Suryoday Micro Finance Pvt Ltd
Mr. Manoj Nambiar MD, Arohan Financial Services
Mr. Vinay Baijal Ex- CGM RBI
Ms. Ratna Vishwanathan (Member Secretary) MFIN

Resource Mobilisation

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

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

Human Resources
Name Representative Organization
R Baskar Babu (Chair) Suryoday Micro Finance Pvt Ltd
N K Maini Independent Board Member
Rakesh Dubey SV Creditline Private Limited
Ratna Vishwanathan (Member Secretary) MFIN

Finance and Audit

Finance and Audit
Name Representative Organization
Rajat Kathuria (Chair)  Independent Board Member
Devesh Sachdev Fusion Microfinance
Sanjay Sinha Managing Director, M-CRIL
Ratna Vishwanathan MFIN
Sharad Garg (Member Secretary) MFIN

Ratna Vishwanathan

Ratna Vishwanathan


Belonging to the 1987 batch of the Indian Audit and Accounts Service, Ms. Vishwanathan comes with extensive experience across a range of departments of the Government of India including Defense and Prasar Bharti. In the development sector she has served at very senior levels in well-known international NGOs such as Oxfam and VSO. She steered these entities through critical change management processes as they transitioned from international liaison offices to ‘full fledged Indian entities’. Ratna Vishwanathan is a Director on the Board of Mudra, Member of the RBI’s Financial Inclusion Advisory Committee and Chairperson of the South Asian Microfinance Network.

MFIN has a 12 member professional team based in its Gurgaon office. Additionally, MFIN has 4 state chapter representatives in East/North East, West, South and Central India. The MFIN core team manages and executes the day-to-day operations of MFIN under the guidance of the MFIN Board.

Image2Pallavi Sen

Head SRO and Compliance Officer

Pallavi has about 14 years of rich professional experience in rural development, rural finance microfinance, and research at both policy and implementation level. Prior to MFIN, she worked for 9 years in various managerial capacities with India’s apex agricultural & rural development bank (NABARD) spanned across banking supervision, refinance, planning and operations department. Pallavi is a graduate in economics, an MBA from Institute of Management Technology (IMT) Ghaziabad and also holds a diploma from Indian Institute of Mass Communication (IIMC), New Delhi.

ImageAchla Savyasaachi

Head State Initiatives

Achla has been working with MFIN since April 2014 and is responsible for looking after the state and regional chapters and the new category of Associateship of MFIN. She earlier worked with Sa-Dhan, the Association of Community Development Finance Institutions for thirteen years and contributed extensively for the widening and deepening of financial inclusion in urban and rural India across models and approaches, facilitated dialogue between different stakeholders-people, policy makers,

service providers for better understanding and appreciation of diverse models. Achla is a qualified Company Secretary and has also done her law from CCS University.

Image1Sugandh Saxena

Head Advocacy and Development

Sugandh’s work at MFIN includes research and data analytics, industry development initiatives and member services among other things. Before joining MFIN in 2011, she has worked with SEWA, ITC and ACTED across a range of development themes.  Sugandh holds an engineering degree from MNNIT, Allahabad and post graduate in Social policy from the London School of Economics and Political Science (LSE).

visali-mishraVaishali Mishra

Head Communications and Marketing

Vaishali Mishra is a communication and marketing specialist with 13 years of experience having worked both in the development and corporate sectors. She has worked in various capacities ranging from project management to communication and marketing strategist in various international organisations such as the Commonwealth Secretariat, the William J. Clinton Foundation and the Deutsche Welthungerhilfe. She has completed her Masters’ in International Journalism from the City University, London, United Kingdom and her graduation from University of Delhi in Mass Communication and Media. At MFIN she heads the Communications and Marketing vertical.

JatinJatinder Handoo

AVP Advocacy and Strategic Alliances

Jatinder Handoo is financial inclusion professional with over 7 years of experience in retail banking, microfinance, public policy research and agency banking space within and outside of India. In past, he has worked at companies like SBI,HDFC Bank Ltd, MIX Inc and FINO PayTech Ltd. Jatinder has a Master’s in Public policy from India and has attended program in Public Policy Improvement offered by EPoD at Harvard University and Summer School Programme for Leadership in Development at Sanford School of Public Policy (Duke University Durham,N.C) and IIM Udaipur. Jatinder loves travelling, meeting people, reading non-fiction and blogging. At MFIN he works in the area of Advocacy and Development.

Pic AmitAmit Mathur

AVP Development and Information Hub

Amit Mathur is a financial inclusion professional with more than 6 years of work experience. In MFIN he is working as AVP – Development and Information Hub. He has worked with BASIX & ICICI Lombard GIC Ltd. on group health insurance (Micro Insurance product) in past. His most recent association was with the World Bank Group in the sphere of Digital Financial services. Amit has a Post Graduate Diploma in Rural Management from IRMA, Anand.

Pic DevikaDevika Misra

Manager – Information Hub

Devika has over six years of professional experience in the microfinance and insurance sector having worked with SKS Microfinance, ICICI Lombard and most recently with M-CRIL. Devika has Post Graduate and Diploma in Rural Management (PGDRM) from IRMA.

ImageSheetal Prasad

Manager – Self Regulation and Compliance 

Ms. Sheetal Prasad has joined MFIN as Manager, Self Regulation and Compliance with effect from April 01, 2016. Prior to this she was handling commercialisation of ICAR Technologies and Capacity building of various stakeholders with Agrinnovate India Limited, which is a company under Ministry of Agriculture, Govt of India. She has 3 years of rich experience with ICICI Bank ltd both in SME (asset side working capital funding of credit and non credit facilities) and Retail Branch banking (As Deputy Branch manager handling entire branch operations) divisions. Before Joining ICICI Bank, She was associated with BASIX in Bhartiya Samruddhi Finance Limited (BSFL), a NBFC dealing with microfinance and livelihood sustainability in Credit and Risk management team and has also handled microfinance operations in the field level as Unit Manager.

Image7Mrinal Pant

AVP North

Mrinal is involved with advocacy, COC Compliance, public relations, members and external stakeholders engagement and regional level policy interventions with regulatory authorities and state apparatus. Mrinal has worked as an advocate at the Indore Bench of the High Court of Madhya Pradesh while also working with organizations having social and public centric activities. His area of engagement was youth and farmers.

ImageHabib Shaikh

AVP East

Habib Shaik is a finance expert with about 12 years of experience. Prior to MFIN, Habib was associated with Sa-Dhan (The Association of Community Development Finance Institutions) as a “Senior Executive-State coordinator”, responsible for the member services of Noth-East and Eastern region (viz. Assam, Manipur, Bihar, Jharkhand, West Bengal and Uttar Pradesh) of the country. An MBA graduate from

Bangalore University, he has also worked for 6 years in the retail finance industry.Habib has also been recognised as a “Smart Assessor” by the “Smart Campaign.”

ImageSuyog Pradhan

AVP West 

Suyog Pradhan is a Regional Manager- West Zone. Prior to MFIN, Suyog spent two years working at Microfinance Opportunities, International NGO working in the space of Financial Education and Capability Development of Low income households globally after his three years stint at Financial Inclusion Network & Operations Ltd. (FINO), the largest business correspondent organization in India, helping them to build the capacity of the field officers, general staff, mid-management & end consumers through the design and development of innovative tools for training. Suyog has been responsible for designing Financial Literacy curriculum as well as delivering a range of Financial Capacity Development solutions. In the past he has worked with organizations like CMS Info Systems Pvt. Ltd & Hero Mind Mine setting up training verticals for the frontline staff to Senior Management level. Suyog holds a Bachelors of Commerce & Masters in Management in Human Resources & Training from Mumbai University

ImageSuseela Anand

AVP South 

Suseela Anand has done her Law, from Dr. Ambedkar Law University, India with more than 12 years experience in the development sector in areas mainly focusing on advocacy, networking, program Management, Stakeholders and People’s management, legal support etc.,with various National and International organisation.
Before joining MFIN she was with Naandi foundation, a K.C.Mahindra Initiative promoting women empowerment programs. She was with Centre for Social reconstruction as General Manager and later became as a Vice president of the organisation, headed the Micro credit and women empowerment programs. She has developed a curriculum for the Indira Gandhi National Open University School of Gender and Development Studies.

sharadSharad Garg

Finance, HR and Admin Manager 

Sharad holds a MBA degree in Finance and is also a law graduate. He brings with him about 15 years of rich experience in financial management, grants management, statutory compliances and accounting practices. He also has experience of handling HR and Administration functions in various International NGOs. Over the past 15 years Sharad has worked with eminent INGOs such as Oxfam, HIV / AIDS Alliance, and Nippon Foundation before joining MFIN. Sharad will be managing the portfolios of Finance, HR and Admin in MFIN.