CEO's Message

Dr. Alok Misra, CEO & Director – MFIN

Dear Friends,

Welcome to the Microfinance Institutions Network, the Industry association for Microfinance in India and a Reserve Bank of India recognized Self-Regulatory Organization (SRO).

MFIN has just completed its tenth anniversary and it is a matter of pride that the microfinance movement now reaches 57 million customers across 590 districts of India – playing a crucial role in building an Inclusive India. With an outstanding portfolio of Rs 2,31,778 Cr (Give in billion), the sector has become an integral part of India’s financial sector and its role in fostering entrepreneurship, financial capabilities as well as social empowerment is well documented. It is a matter of pride that the Indian microfinance sector is on top globally in terms of regulation and operational efficiency.

MFIN’s work is organized across three verticals or thematic areas – a) Policy Advocacy and Knowledge Management b) State Initiatives and c) SRO, with Communications supporting across themes. The data published by MFIN is the best in class in granularity and scope, State Initiatives ground level reach through district forum is exemplary and SRO has played a key role in adopting best practices in grievance redress, client relationship and governance. I encourage you to look through our 10th year annual reportto have a bird’s view of the enormous task done by MFIN.

Despite the achievements, the sector and MFIN as an association have their task cut out for future. If we keep aside the ongoing challenge of COVID, which has adversely affected livelihoods of many clients and will in turn lead to some financial losses for institutions, two broad areas of future work are seen. First, as diverse legal forms have entered microfinance (Banks, Small Finance Banks, NBFC-MFIs, NBFC) and are also MFIN members, there is a pressing need for closer coordination and common adoption of Responsible Finance practices. MFIN has taken a lead in crystalizing this through Code of Responsible Lending (CRL), but to make it effective lot more ground is to be covered. Secondly, on client side, while there exists a huge unserved market, the sector has to accelerate the move towards deepening of client relationship through broad spectrum of financial services, cashless ecosystem and financial literacy. Both these agendas also require policy and regulatory support.

MFIN and its members are proactive and nimble in approach to deal with emerging work as our noble objective of contributing to inclusive growth through affordable and convenient financial services and the huge work ahead of us keeps us inspired.

  • Vision

    To be an engine of inclusive growth for India and help provide financial services to 10 crore low income households in a responsible and transparent manner.

  • Mission

    MFIN’s primary objective is to work towards the robust development of the microfinance sector by promoting responsible lending, client protection, good governance and a supportive regulatory environment.

For any Help/Enquiry: