Manoj Kumar Nambiar elected chairman of MFIN

Microfinance Institutions Network (MFIN) has elected Manoj Kumar Nambiar, managing director of Arohan Financial Services, as its chairman.

Vineet Chattree of Svatantra Microfin will be the vice-chairman, the industry association and self-regulatory organisation (SRO) for the microfinance industry in India said Tuesday.

"In the 10th year of MFIN, it's time that we start celebrating this sector which has played a significant role in getting rural India into the folds of financial inclusion," said Nambiar.

MFIN Chief Executive Officer Harsh Shrivastava also announced induction of Gyan Mohan and Jagadish Ramadugu in its governing board.

The microfinance industry saw a 38 per cent growth in its gross loan portfolio at Rs 1.87 lakh crore in the financial year 2018-19.

Gross loan portfolio of the sector was Rs 1.35 lakh crore in 2017-18.

Total number of microfinance accounts stood at 9.33 crore as on March 31, 2019, registering a growth of 21.9 per cent over 2017-18, according to a report launched by Microfinance Institutions Networks (MFIN).

The members collectively disbursed 3.25 crore loans worth Rs 82,928 crore in 2018-19.

MFIN comprises 56 NBFC-MFIs and 40 associates including banks, small finance banks and NBFCs.