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Microfinance Institutions Network (MFIN) is the primary representative body and the Self-Regulatory Organization (SRO) for Non Banking Finance Companies (NBFC) Microfinance Institutions (MFIs) regulated by the Reserve Bank of India (RBI). MFIN works with a broader financial inclusion ecosystem to ensure that its members and the microfinance industry can optimize their potential to achieve the financial inclusion agenda. MFIN currently has a membership of 46 NBFC MFIs which on an aggregate basis constitute over 89% of the microfinance business in India.
The core areas of work for MFIN are Self Regulation, Policy Advocacy and Development.
In order to be an effective Self-Regulatory Organization (SRO) for the microfinance industry, and steer the industry towards greater transparency, accountability and customer-centricity, MFIN works on a number of tacks such as transparency, Code of Conduct and Credit Bureau among others.
Through engagement with governments, regulator and other stakeholders and direct interventions, MFIN endeavors to shape the regulatory agenda. The work involves monitoring regulatory developments, engaging governments in policy dialogue, providing them relevant information and sharing the best practices.
As a new and an evolving industry, microfinance has a number of collective needs in areas of information, research, market analysis and best practices. MFIN undertakes programs and initiatives to meet industry wide needs on a regular basis. The emphasis is on the programs that can contribute in improving the business practices thereby enhancing the impact of industry on clients' livelihoods.