MFIN-INDIA OCTOBER 2014
Micro Finance Institutions Network: MFinclusion

Micro Finance Institutions Network :MicroVision

From The CEO's Desk

Season Greetings from MFIN!

Come October, in the northern parts of the country (in particular) the weather (and even the moods!) generally turn pleasant. This October has been even better than usual.

Firstly, Samit (President, MFIN) and I had the very special privilege of a one- on- one meeting with the Governor, RBI, to discuss a range of industry issues. An excellent meeting and I do believe we can look forward to some positive regulatory outcomes in the near future.

Read More ..
Voice From The Field

Manjulata Panda, till recently was your non-descript housewife struggling hard to make amends meet of the meagre income that her husband earned. However, her association with SKS MicroFinance changed her life overnight…well almost!

Read More ..
View Point

An university topper, a public administrator of standing and an avid sports buff…these are some of the common epithets used to describe Anurag Jain, presently Joint Secretary, Financial Inclusion, Ministry of Finance. Mr. Jain has done his B-Tech honours from IIT Kharagpur, India and post-graduation in public administration from the Maxwell school, University of Syracuse, Unites States of America. In an informal chat with MFIN (while watching an India-Sri Lanka ODI cricket match!), Mr. Anurag Jain shared his perspectives on the microfinance industry and the larger discourse of financial inclusion.

Read More ..
Industry Watch

The Andhra Pradesh Government has decided to provide a Rs. 5 lakh loan to village organisations from banks for sand mining and sale which has been entrusted to women self-help groups. The women self-help groups of DWCRA (Development of Women and Children in Rural Areas) started sand mining and sale as part of Pedarikam Pai Gelupu (victory over poverty) campaign. The group will not only involve other interested women in the business, but also oversee operations and sales through a process that is being worked out by the AP Mineral Development Corporation and Society for Elimination of Rural Poverty.

Read More ..
Anecdotes

Grameen Foundation India (GFI) is a Social business set up to provide technical and advisory services to organisations, investors, funders, networks and other agencies working with the poor. The Foundation follows a unique, two dimensional approach of providing both products and services and also innovating and testing new business models that can be scaled and replicated. Chandini OHRI, Chief Executive Officer, GFI, in conversation with Vaishali Mishra, MFIN puts into perspective GFI’s initiation into the MFIN network.

Read More ..
what is MicroFinance
Milestones

“Microfinance recognizes that poor people are remarkable reservoirs of energy and knowledge. And while the lack of financial services is a sign of poverty, today it is also understood as an untapped opportunity to create markets, bring people in from the margins and give them the tools with which to help themselves”
- Kofi Annan, Ex-UN General Secretary

1. Mr. Samit Ghosh, President MFIN and Mr. Alok Prasad, CEO MFIN met the Governor of the Reserve Bank of India, Mr. Raghuram Rajan on the 22nd of October 2014 in Mumbai. A range of systemic issues such as gaps in credit bureau reporting, anomalies in PSL guidelines, micro-regulation of NBFC-MFIs and Small Finance Banks were discussed. Mr. Prasad also met with Mr. N.S. Vishwananthan and Mr. Chandan Sinha, Executive Directors, RBI (after the Governor’s meeting). Issues around micro regulations and the SRO initiatives were discussed.

2. Ms. Ratna Vishwanathan, Deputy CEO, MFIN met with Mr. Rajesh Bansal, ADG, UIDAI on the 28th of October 2014. UIDAI officials would be meeting with MFIN to discuss on the possible synergies between the microfinance industry and UIDAI.

3. Ms. Ratna Vishwanathan met Ms. Kalpana Pandey, MD of Crif High Mark on full industry issues and reports for self-regulation, including stepping up activities for uploading data on weekly frequency.

4. MFIN will be hosting a session on SRO at the Inclusive Finance Summit on the 8th and 9th of December 2014.

5. The first Enforcement Committee (EC) meeting for the year was held on the 1st of October 2014. The EC discussed pending complaints and other issues around products, which could be perceived as not being strictly in line with the RBI Fair Practices Code (FPC).
Read More ..
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.
Address: 705, 7th Floor, Tower B, Millennium Plaza, Sushant Lok 1,Gurgaon-122002
Email : contact@mfinindia.org
Websit:www.mfindia.org
Connect with us on : tweet linkedin

Credits: Editor - Vaishali Mishra | Design & Layout - Kyrosoft