MFIN as an SRO

In 2014, the Reserve Bank of India (RBI) recognized MFIN as a Self-Regulatory Organization (SRO) for the NBFC-MFI, making MFIN the first industry association to be accorded recognition as an SRO by the RBI.

Under the SRO function, MFIN’s primary objective is to support member NBFC-MFIs in adhering to regulatory and industry standards, with focus on customer welfare and protection.

Master Directions of RBI for the NBFC-MFIs encourage them to become a member of at least one SRO recognized by the RBI and to comply with the Code of Conduct prescribed by the SRO. The Direction while entrusting the responsibility for compliance to all regulations with the NBFC-MFIs themselves, also see industry associations/SROs playing a key role in ensuring compliance with the regulatory framework.

As an SRO, MFIN reports to the RBI on a quarterly basis on the industry including operational and financial trends, customer complaints, non-compliances, actions taken and emerging issues, among other things.

  • Frame Rules and Standards
  • Develop Capacities
  • Monitor and Enforce
  • Redress Customer’s Grievances


The overall SRO function within MFIN is governed by the Self-Regulatory Organization Committee (SROC). The committee guides, oversees and supports the SRO team to effectively carry out the SRO function.

The Self-Regulatory Organization Committee (SROC) provides oversight and direction to all the SRO functions.

In line with standards of governance, the committee is constituted with majority independent members and chaired by an independent member. However, the committee also has a representation from the industry to bring a practical perspective.

Industry Standards

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SRO Recognition

The Reserve Bank of India (RBI) vide its letter dated 16th June, 2014 accorded recognition to MFIN as Self Regulatory Organisation (SRO) of NBFC-MFIs.

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