Microfinance and Networking
Yet another development for monitoring of Microfinance Institutions in India through an Ombudsman and Credit Information Bureau. It is a laudable development that 39 leading MFIs / NBFCs coming together to form a Self Regulatory Organisation (SRO) in the name of Microfinance Institutions Network (MFIN) to observe self-discipline. Earlier, we had SROs for Banks (IBA), Mutual Funds (AMFI), Merchant Bankers (AMBI), NBFCs, Credit Card Operators and so on. In a healthy financial system such organisations could play a vital and positive role to oversee the working of its members and help build a professional level playing field.