MFIN reaction to Monitory Policy issued by RBI

MFIN welcomes the policy announcement for the microfinance sector announced by the RBI today. “The guidelines give much needed regulatory clarity to the microfinance sector and represent a big step forward in putting the microfinance industry on the path to recovery”, said MFIN CEO, Mr. Alok Prasad.

“RBI has taken a balanced and calibrated approach towards the evolving policy framework for the sector. The role played by Microfinance Institutions in promoting financial inclusion is increasingly being recognized and the need to support the microfinance industry is therefore a clear policy imperative. MFIN looks forward to a continuous process of dialogue with the RBI and evolution of a comprehensive regulatory framework for the microfinance sector”, added Mr. Prasad.

MFIN is the premier representative body for the NBFC-MFI sector and has been involved with a number of initiatives promoting transparency, client protection and responsible lending.