MFIN joins hands with MFTransparency

Microfinance Monitor, August 7, 2010 — Microfinance Institutions Network (MFIN), a self-regulatory body floated by India’s NBFC microfinance institutions (MFIs), will set up seven task forces to monitor MFIs, credit bureau, transparency, code of conduct, HR issues, policy issues, product diversification and press relations.

Mr. Mahajan said MFIN and MFTransparency.org, a global NGO, will together promote transparency in interest rates charged from clients and the task forces will work to ensure responsible lending.

Addressing a press conference in Chennai on Saturday, MFIN president Vijay Mahajan said the organisation has been discussing with credit bureaus and all the 42 members of MFIN would join the task of creating a data base of microfinance clients.

MFIN, launched early this year, has unveiled a code of conduct for the sector with good practices, good governance and responsible lending, within a set ceiling of Rs. 50,000 per group of borrowers.