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Any entity, other than an individual, engaged in the activities related to microfinance and financial inclusion (other than a NBFC-MFI) is eligible to apply for MFIN Associate Programme. An Associate shall not be a Member of the Society.
Application Fee: One-time Application Fee of INR 51,000
Annual Subscription Fee: is charged from Associates basis the category as defined by MFIN Board, as follows:
# | Category | Fee 2022-23 |
---|---|---|
1 | Banks | |
0 - 2000 crore | 6,74,160 | |
2000 - 5000 crore | 8,98,880 | |
More than 5000 crore | 11,23,600 | |
2 | Banking Correspondents | |
0 - 100 crore | 1,12,360 | |
100 - 500 crore | 2,24,720 | |
500 - 2000 crore | 5,61,800 | |
More than 2000 crore | 11,23,600 | |
3 | NBFCs - Direct Lending | |
0 - 500 crore | 6,74,160 | |
500 - 1500 crore | 8,98,880 | |
More than 1500 crore | 11,23,600 | |
4 | NBFCs - Wholesalers | |
0 - 500 crore | 5,61,800 | |
500 - 1500 crore | 7,86,520 | |
More than 1500 crore | 11,23,600 | |
5 | Small Finance Banks | 11,23,600 |
6 | Credit Bureaus | 5,61,800 |
7 | Foundation | 2,24,700 |
8 | Payment Banks | 2,24,700 |
9 | Private Equity Social Investors – All investors VC/PE funds approved by SEBI | 5,61,800 |
10 | Housing Finance Companies – NHB recognized | 5,61,800 |
11 | Insurance Companies | 5,61,800 |
12 | Fintech & Telco Companies | 2,24,700 |
13 | DFIs – Domestic and International. Bilateral and multilateral agencies | 2,24,700 |
14 | Rating Agencies – RBI recognized credit rating agencies | 3,37,080 |
15 | Think Tanks – National & International think tanks engaged in economic & banking policy issues including financial inclusion | 2,24,700 |
*Note: : New Associates of the Society shall pay the annual subscription fee each year as recommended by the Board and ratified by the AGM. Calculation of fee for new associates shall be on a prorate basis for the quarter in which they have joined and the remaining quarters of the budget year.
The application for becoming a MFIN Associate goes through a defined procedure which includes submission of requisite documents and Board review.
Documents required
Application form, duly filled in
Latest Audited Financials
Organisation’s Annual Report.
*Note: Once the above step is completed satisfactorily, the Associate Sub-Committee of MFIN Board approves the Membership. Once approved, the applicant organisation will be required to pay the Annual Subscription Fee.
Submission of Application and Payment
A new Associate is required to pay a sum of Rs. 51,000 (Fifty-one thousand only as the one-time Application Fee. The Annual Subscription, as per the category, is to be paid upon approval of membership
The cheque/draft is to be drawn in the favour of ‘Micro Finance Institutions Network’ payable at Gurgaon, Haryana
The duly completed Application Form along with fees and other supporting documents should be sent to.
MicroFinance Institutions Network,
4003-4004, EMAAR Palm Spring Plaza,
Near Sector 53-54 Rapid Metro Station,
Golf Course Road,
Gurgaon 122002, Haryana
Membership will become effective after payment of full fee. The applicant organisation will receive MFIN Associate Certificate.
In-case of any support and queries, kindly contact:
Amit Mathur
Vice President – Advocacy and Development
: 9599427288
The application for becoming a Member of MFIN goes through a defined procedure including submission of requisite documents, on-site due diligence and the Board review.
The Fees and Procedure are detailed below:
Application Fee: One-time Application Fee of INR 1,000
Initial Membership Fee: One-time Fee of INR 1,00,000
Annual Subscription Fee: Payable upon approval of Membership, as follows:
An amount equivalent to 0.0275% of Total Gross Loan Portfolio (including managed portfolio), after adjusting for loan portfolios that are 180 days overdue on prorated basis.
Subject to a cap of INR 65,00,000 and a floor of INR 1,50,000.
*Note: Calculation of fee for new Members will be on a prorate basis for the quarter in which they have joined and the remaining quarters of the financial year. Annual Subscription Fee will be charged from all members, each year, as decided by the Board from time to time and ratified by the General Body in an AGM/EGM.
Documents* Required for Membership include
MFIN’s Application Form, duly filled
Audited Financials
Memorandum and Articles of Association
RBI Registration Certificate
Copy of Board resolution for MFIN membership and adoption of Industry Code of Conduct
Copy of RBI inspection report, if any
Sample Loan Cards
Self-certification that the Company is in full compliance with RBI and other regulatory norms and guidelines
*Note: After receiving the above documentation, a due diligence will be done by MFIN staff. Following this the Board approves the membership, and the applicant organisation will be required to pay the annual subscription fee. Membership will become effective only after payment of full fee.
Submission of Application and Payment
A new applicant for membership is required to pay a sum of Rs. 1,01,000 (One Lakh One Thousand Only) including the one-time Application Fee of Rs 1,000 and the initial Membership Fee of Rs 1,00,000. The Annual Subscription is to be paid upon approval of membership.
The cheque/draft is to be drawn in the favour of ‘Micro Finance Institutions Network’ payable at Gurgaon, Haryana.
The duly completed Application Form along with fees and other supporting documents should be sent to:
MicroFinance Institutions Network
4003-4004, EMAAR Palm Spring Plaza,
Near Sector 53-54 Rapid Metro Station,
Golf Course Road,
Gurgaon 122002, Haryana
In-case of any support and queries, kindly contact:
Amit Mathur
VP - Advocacy and Development
: 95994 27288
Chairperson/MD
Arohan Financial Services Ltd
An XLRI postgraduate with an experience of over 19 years in varied sectors of Banking, Logistics and Microfinance, Devesh co-founded Fusion Microfinance in 2010. Under his leadership, Fusion has grown to a client base of 1.85 MN clients with a portfolio size of 3,600 Cr across 18 states of India. Devesh’s long term vision and executing strategy is validated by the marquee PE firm Warbug Pincus’s decision to choose Fusion to make its first investment in the Indian Microfinance arena in 2018. His unwavering conviction on upholding organizational value system has enabled Fusion to strive despite of volatile and turbulent environment which sector has faced intermittently over the last one decade.
Devesh has served various Boards since 2008 including being elected as Vice President of MFIN in 2017. He has represented the sector in diverse forums and platforms to create a healthy and positive outlook. He got awarded as the ‘50 Fastest Growing CEOs of India’ by ‘The CEO Magazine’ in 2018. He is a strong advocate of agile transformation and digital innovation for employee centric seamless operations which made Fusion the “Best Workplaces in MFI” in its debut year of GPTW certification with 66th position in top 100 workplaces in India.”
MFIN in association with Uttar Pradesh Microfinance Association (UPMA) - a state level association of microfinance institutions in UP organized a special interface event ‘Strengthening Financial Inclusion: Role of Microfinance’ on 13th February 2019 in Lucknow. The session was organized with an aim to sensitize about the operational model of regulated microfinance providers. The event was presided over by DG (EoW) and senior officers from the police department including ADGP (EoW), representatives from NABARD, SIDBI, SFBs, NBFC-MFIs, NBFCs etc The second State-level Police Interface was organised in Patna on 25th February. The conclave was presided over by Director General of Police, Ex-DGP, ADGP (EOU), SP (EOU) amongst others.
RBI entrusted MFIN with the task of conducting 2250 workshops to educate the depositors on the various financial aspects of banking under the aegis of its Depositor Education and Awareness (DEA) Fund Cell. The project comprised of three phases (i) Pilot, (ii) Training of Trainers (ToTs) and (iii) Delivery of workshops in selected districts by various partner MFIs of MFIN. Based on the Pilot experience, MFIN successfully conducted the 8 Training of Trainers (TOTs) of partner MFIs in 8 TOTs in Patna, Mumbai, Chennai, Bhubaneshwar, New Delhi, Lucknow, Kolkata & Ranchi where 230 trainers of 41 MFIs were trained as master trainers. The final stage of executing 2,250 workshops involves an agreement with 40 Members that will commence soon.
Chairperson/MD
Arohan Financial Services Ltd
An XLRI postgraduate with an experience of over 19 years in varied sectors of Banking, Logistics and Microfinance, Devesh co-founded Fusion Microfinance in 2010. Under his leadership, Fusion has grown to a client base of 1.85 MN clients with a portfolio size of 3,600 Cr across 18 states of India. Devesh’s long term vision and executing strategy is validated by the marquee PE firm Warbug Pincus’s decision to choose Fusion to make its first investment in the Indian Microfinance arena in 2018. His unwavering conviction on upholding organizational value system has enabled Fusion to strive despite of volatile and turbulent environment which sector has faced intermittently over the last one decade.
Devesh has served various Boards since 2008 including being elected as Vice President of MFIN in 2017. He has represented the sector in diverse forums and platforms to create a healthy and positive outlook. He got awarded as the ‘50 Fastest Growing CEOs of India’ by ‘The CEO Magazine’ in 2018. He is a strong advocate of agile transformation and digital innovation for employee centric seamless operations which made Fusion the “Best Workplaces in MFI” in its debut year of GPTW certification with 66th position in top 100 workplaces in India.”
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