MFIN works through three verticals namely
- Advocacy and Development
- Self-Regulatory Organization
- State Initiatives
MFIN is organized into three verticals namely, Self-Regulatory Organization, Advocacy and Development and State Initiatives to be able to focus on the priorities of the sector in an optimum manner. While previously policy advocacy was the primary focus and continues to be so, with the evolution of the sector there are various new functions that have become part of the framework. The Self-Regulatory function was part of RBI’s remit to MFIN to help supervise compliance at a more granular level on behalf of the Regulator. With the sector coming back into its own over the last five years, there was a felt need for greater engagement with external stakeholders and a strong communication strategy was thought to be the way ahead. With the industry growing steadily ground level issues are often key indicators of sectoral good health.
With this, in view, the State Initiative team keeps continuously engaging with industry issues at a field level to ensure smooth functioning.
Advocacy & Development
MFIN is also a part of various think tanks and discussion forums including the RBI’s Financial Inclusion Advisory Committee, the MUDRA Board, the PSIG Think Tank and the ACCESS Assist Advisory Group.
- Act as the Self-regulatory organization for the microfinance sector and to regulate the business of microfinance as carried out by its members.
- Create, develop, distribute and publicise, sound development, operational and financial practices and minimum thresholds of performance for its members and to encourage other persons engaged in the microfinance sector to adhere to and comply with such practices and thresholds.
All the states where member MFIs are operating are covered either through MFIN Chapters or through composite chapters 2 or more states. Similarly, district forums and composite district forums have been set up based on the geographical presence of NBFC-MFIs.