As allegations over chit fund company Saradha fly thick and fast, the micro-finance sector on Thursday distanced itself from the chit fund industry. The industry body, Microfinance Institutions Network, said the RBI-regulated NBFC-MFIs are in no manner connected with chit-fund companies in any region, including West Bengal.
Highlighting the distinction, MFIN CEO Alok Prasad said in a statement here,“On behalf of all its members, MFIN would like to clarify that no member NBFC-MFI has any linkage with chit-funds. Our member MFIs are non-deposit taking entities that operate under a tight framework of regulations, as laid down by the Reserve Bank of India (RBI)."
The statement said MFIN’s member in West Bengal are Bandhan Financial Services, Arohan, Village Financial Services, Anjali, Ujjivan Financial Services Pvt Ltd, SKS Microfinance Limited and SHARE Microfin Ltd.
Highlighting the distinction, MFIN CEO Alok Prasad said in a statement here,“On behalf of all its members, MFIN would like to clarify that no member NBFC-MFI has any linkage with chit-funds. Our member MFIs are non-deposit taking entities that operate under a tight framework of regulations, as laid down by the Reserve Bank of India (RBI)."
The statement said MFIN’s member in West Bengal are Bandhan Financial Services, Arohan, Village Financial Services, Anjali, Ujjivan Financial Services Pvt Ltd, SKS Microfinance Limited and SHARE Microfin Ltd.
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