MFIN-INDIA FEBURARY  2015
Micro Finance Institutions Network: MFinclusion

Micro Finance Institutions Network :MicroVision

From The CEO's Desk

The jam we are all familiar with is a sweet fruit preserve usually thin spread over toast, now thanks to our Hon’ble Finance Minister we have been introduced to a new kind of JAM – Jan Dhan, Aadhar and Mobile. This new jam is very central to all that we do – it is indeed very heartening to see the intense focus on financial inclusion in this year’s budget piece. The slew of measures designed to promote inclusive growth; quite a bouquet of acronyms to deal with (designed to test our memory); and clearly a strong thrust towards creating conditions for not just GDP growth but encouraging entrepreneurship, job creation and sustainable poverty elimination.

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Voice From The Field

Manas Ranjan Sundarai, lost his legs and zest for life to polio at the age of six. Since then Manas has been mostly dependent on his father, a daily a wage labourer to take care of his needs. More than the financial hit that the family has had to take because of Manas’s disability it was the emotional turmoil that the family underwent which was difficult to handle. Taunts of being useless and a burden on the father only made matters worse for Manas.

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Viewpoint

IIM Ahmedabad conjures up an image of where a girl and a boy from different states fall in love, fight social prejudices and then finally marry…maybe not the ideal way of remembering one of the country’s premier educational institution. Say that to Veena Mankar, and you are greeted with a sonorous laughter. An alumnus of the prestigious IIM, Ms. Mankar, founder and chairperson, Swadhaar has had her own love story to profess, one that is may be not as dramatic as a certain gentleman’s life but certainly inspirational. In conversation with MFIN…

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Industry Watch

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

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Reflections

Budget 2015 has thrown up three major highlights with the potential to have a far-reaching impact on the industry. These include the MUDRA bank, changes in the Priority sector Lending, increased finances to MSMEs and the SARFESI ACT.

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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.

what is MicroFinance

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