Microfinance Institutions Network (MFIN) was established in 2009 as an Industry Association for NBFC-MFIs. In 2014, MFIN was recognised by the Reserve Bank of India (RBI) as India’s first Self-Regulatory Organization (SRO) for the NBFC-MFIs. The year 2019 saw MFIN complete ten years of its existence as an Association. Over a period of time, as members graduated as Universal Bank and Small Finance Bank coupled with entry of banks and NBFCs in microfinance space, MFIN has expanded its umbrella to cover the entire microfinance eco system. MFIN Members are RBI regulated entities comprising the Non-Banking Financial Companies - Microfinance Institutions (NBFC-MFI), Banks, Small Finance Banks, NBFCs, Banking Correspondents, Credit Bureau, Fintech companies, among several others.
Keeping the larger objective of financial inclusion in mind, MFIN focuses on creating an enabling policy and business environment for its members to purvey responsible finance with the highest standards of customer protection and corporate governance. Towards this objective, MFIN works closely with the microfinance providers, regulators, Government and other key stakeholders across 35 states and union territories, spanning 591 districts to ensure that credit reaches the low-income households.
The impact of Microfinance on borrowers can be gauged by the fact that over 6 crore women are at present being reached through these small, easily serviceable, collateral free loans, impacting as many as 300 million families. As a result, a vast unbanked and unserved population of India today has access to formal credit even in the remotest districts of India.
To be an engine of inclusive growth for India and help provide financial services to low income households in a responsible and transparent manner.
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.
Donning many hats – Enforcing customer protection through its CRL Committee or ensuring microfinance providers adherence to the Code of Conduct, MFIN addresses every aspect of Microfinance.