MFIN-INDIA DECEMBER  2014
Micro Finance Institutions Network: MFinclusion

Micro Finance Institutions Network :MicroVision

From The CEO's Desk

For last year's words belong to last year's language. And next year's words await another voice.
And to make an end is to make a beginning.
- T.S. Eliot

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Cooking up Success!

Ratna can make up to 50 rotis (bread) in about 30 minutes flat! Nothing new for a quintessential Indian home-maker, except that Ratna has made a successful business out of it. A resident of Dharwad district in Karnataka, Ratna’s husband worked as a local porter to support the family of four barely managing to keep them afloat.

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Business Correspondent Model –
A Layered Approach to Banking

India houses one of the largest populations, globally, not covered by banking services – something which our Prime Minster famously described as ‘financial untouchability’. Not surprisingly, the Government and the Reserve Bank of India (RBI), have been very active in promoting financial inclusion which is seen as very critical for promoting inclusive growth.

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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

Mr. Brij Mohan has seen it all…quite literally! Having been part of the government laying down policies to spearheading two large banks in the country, Mr. Mohan has been an intrinsic part of the financial inclusion space. From someone who was against the setting up of an industry association to a staunch believer in it, Mr. Mohan is quite the convert. In conversation with Vaishali Mishra, Mr. Mohan spells out the journey less traversed.

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what is MicroFinance
Milestones

“Microfinance stands as one of the most promising and cost-effective tools in the fight against global poverty.”
- Jonathan Moduch, Chair, UN Expert Group on Poverty Statistics

1. A Meet on Small Finance Banks (SFB) Guidelines was organised in New Delhi on the 7th of December 2014. The event was attended by over 90 participants from 40 member organisations from across the country. Mr. C.S. Ghosh (Bandhan) and Mr. Rajiv Lall (IDFC) also participated in the discussions. Consultants from three leading consulting firms, Deloitte, KPMG and E&Y were also present. Based on the inputs received from members, MFIN prepared and sent to RBI a Note on relevant issues related to ‘Small Finance Bank Guidelines’. The RBI was also requested to extend the last date of submission of SFB applications by 90 days.

2. A panel titled “Self-Regulation in Indian Microfinance” was organised by MFIN on 8th December 2014 in association with Access Assist. The panellists consisted of Dr. KP Krishnan, Mr. Vijay Mahajan, Mr. Samit Ghosh, Mr. Sanjay Sinha and Mr. Alok Prasad. The discussions were moderated by Mr. Tamal Bandyopadhyay, Deputy Editor of Mint. The event saw participation from a wide variety of stakeholders such as banks, academia, consulting firms, DFIs, multilateral agencies and MFIs. The discussion brought forth different perspectives on the perception of what the SRO meant for various stakeholders.

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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