MFIN-INDIA NOVOMBER  2014
Micro Finance Institutions Network: MFinclusion

Micro Finance Institutions Network :MicroVision

From The CEO's Desk

Seeing banking history in the making is a very special privilege. I do believe what we are currently witnessing is exactly that. On 29th November, 2014, the RBI released, the Small Finance Bank and Payment Banks Guidelines - pretty much in line with the assurance given by the Governor, RBI in the meeting Samit and I had with him on 21st October, 2014.

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Tailoring the future!

It was in the year 2007 that Soundamini Behera, her husband and two children traveled to Puri, the pilgrimage city in Odisha in search of a job and some divine intervention. Soundamini’s husband started a grocery shop however, the income was hardly enough to feed the family of four.

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Perspectives on Self-Regulation in Indian Microfinance

The Micro Finance Industry in India, through the years, has risen much like a phoenix reinventing itself to emerge from a crippling crisis to a vibrant sector in the financial services industry. The fact that the industry has appointed a tough self-regulative body is testimony to the industry’s commitment to a client-centric approach

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Industry Watch

1. The Reserve Bank of India (RBI) formally announced the Guidelines for setting up of Small Finance Banks keeping in view the government’s national agenda of financial inclusion. The Guidelines provide a good roadmap to ‘NBFC-MFIs’ to graduate and become mainstreamed as a ‘Bank’.

2. The Reserve Bank of India also released the Payment Bank Guidelines. Under the Guidelines even corporate houses, telecom companies and shopping mall owners can form joint ventures with commercial banks to set up payments banks. It has also allowed government-owned entities, subject to their owner's approval, to set up such banks.

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Anecdotes

A young unassuming man, with a twinkle in his eye and a ready smile, Anand Rao is hardly your typical board member. A closer look at his credentials and one knows why Mr. Rao holds the distinction of being the youngest ever Member of the Governing Board of MFIN. Cofounder and Managing Director of Chaitanya Microfinance, Anand has worked in both the corporate and the development sector. Over a warm cup of tea, in the balmy winter of Delhi, Mr. Rao talks about his unique journey.

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what is MicroFinance
Milestones

“Give a man a fish, [and] he’ll eat for a day. Give a woman microcredit, [and] she, her husband, her children, and her extended family will eat for a lifetime”
- Bono, Lead singer for the band U2 and humanitarian advocate

1. MFIN participated at the 9th Lenders Forum Meeting organised by SIDBI on the 20th November, 2014 in Mumbai. Issues pertaining to funding constraints faced by similar MFIs, concentration risk and the SRO role of MFIN were specifically discussed.

2. The MFIN CEO was invited to participate in the National Microfinance Conclave, annual event jointly organised by NABARD and SIDBI on 13th November, 2014 in Mumbai. The Governor, RBI, delivered the opening address. Mr. Prasad spoke at the plenary session on the 13th of November 2014, on the subject; Enabling environment: Governance, Regulation and Technology. As an outcome, good recognition of MFIN’s role as the industry SRO was achieved.

3. The first regional South Asia Conference on Financial Inclusion, titled “Banking South Asia’s Half Billion Unbanked” was held in Islamabad, Pakistan on 17-19 November 2014. This regional conference was held under the aegis of South Asia Micro-Entrepreneurs Network (SAMN), whose current Chairperson is the MFIN CEO. There was a strong representation from countries such as Bangladesh, Sri Lanka, and Nepal etc. Various international organisations such as World Bank, CGAP and DFID were well represented. The next regional conference (2015) is proposed to be held in India, as per the consensus view of all countries in the region.

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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