MFIN to set up Inquiry Panel

MFIN is setting up a high powered Inquiry Panel to look into the full range of issues related to the transformation of microfinance institutions that evolved from NGOs into NBFC- MFIs. The inquiry will address concerns raised by the media and other stakeholders vis-à-vis the appropriateness of processes followed during the course of these transformations and the evolution of the shareholding pattern of these entities. The Panel will also look into other connected matters such as accounting practices, valuations and governance.  Benchmarks and principles to be adopted for promotion of community ownership in NBFC – MFIs will form a part of the Panel’s brief. Based on the outcome of this inquiry, disciplinary action, as may be considered appropriate, can be taken against any erring member/s. This is in line with MFIN’s continuing efforts to set high standards of governance in the industry.