MFIN’s Self-Regulatory team supports the members in adhering to regulatory and industry standards & frameworks with special focus on customer protection and responsible lending. Members benefit from the important Advisories, Directives, Guidance Notes and play a role in strengthening the industry’s ecosystem of the credit bureau, employee bureau, etc.
MFIN monitors industry compliance and acts on non-compliances. Industry and member NBFC-MFIs are monitored through different sources, such as, data from NBFC-MFIs, data from Credit Information Companies (CICs), periodic investigation, peer reporting and independent Third-party Evaluations which is conducted by empanelled agencies.
MFIN also monitors whether NBFC-MFIs have a robust framework to deal with issues. These initiativesalso allow the NBFC-MFIs to systematically measure, manage and integrate responsible business practices through gap analysis, benchmarking, and tracking.
Lapses and non-compliance cases are taken-up with the NBFC-MFIs for corrective action. They are also escalated to the Enforcement Committee (EC) established by MFIN and RBI, if required.