MFIN-INDIA JANUARY  2015
Micro Finance Institutions Network: MFinclusion

Micro Finance Institutions Network :MicroVision

From The CEO's Desk

Playing with numbers is what statisticians do for a living. At MFIN, while we lack the ‘playing’ prowess of statisticians, we are good at collecting and collating industry data.

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Voice From The Field

Shabeena lives in a small hamlet of Shahjahanpur, in the northern state of Uttar Pradesh, India with her family of six. A mother of three daughters and two sons, familial responsibilities weighed heavily on the mind of Shabeena.

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Viewpoint!

It is not easy being part of the Indian financial regulatory system and also be one of the most articulate yet non-controversial deputy governors that the Reserve Bank of India (RBI) has seen till date. However, Mr. Anand Sinha, former Deputy Governor of RBI is precisely that. In a conversation with Vaishali Mishra, Mr. Sinha shares his vision of the Indian financial sector.

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Industry Watch

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

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Reflections

India is home to one of the largest concentration of the poor and low income households in the world. India also houses one of the largest chunks of unbanked/under banked population with about 40 percent of roughly India’s 25 crore households and 60 percent of its 125-crore population lacking access to any form of formal financial services.

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what is MicroFinance
Milestones

“When combined with information and communication technologies, microcredit can unleash new opportunities for the world's poorest entrepreneurs and thereby revitalize the village economies they serve”
- Madeleine K. Albright and John Doerr

1. The CEO of MFIN had a slew of meetings with the Reserve Bank of India (RBI) on a number of issues such as revisions in micro-regulations prescribed for NBFC-MFIs, PSL issues and MFIN’s membership of SLBC.

2. A representation was sent to Principal Chief Commissioner of Income Tax (Delhi), Central Bureau of Director Taxes (CBDT) regarding industry demand to make NBFC-MFI eligible for tax incentives under section 36(1)(viii) and 36(1)(vii-a).

3. MFIN has floated a Request for Proposal (RFP) seeking interests from consulting firms for design and development of a Surveillance Tool. The RFP was put on the MFIN website on 20th Jan 2015. The last date for receiving proposals is 10th February, 2015.

4. Shikar (NBFC-MFI) based out of New-Delhi joined in MFIN as a new member.

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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 | Design & Layout - Kyrosoft