Manoj Kumar Nambiar elected Chairman of MFIN

Manoj Kumar Nambiar Managing Director of Arohan Financial Services has been elected as new chairman of Microfinance Institutions Network (MFIN). He was elected at 6th annual general meeting of MFIN.

Highlights

Nambiar is also a director on boards of IntelleCash Microfinance Network Company. He will be replacing Ujjivan Financial Services CEO and MD Samit Ghosh.

Gyan Mohan and Jagadish Ramadugu were also inducted to MFINs governing board.

About Microfinance Institutions Network

Background: It was established as a Society in December 2009 under Andhra Pradesh Societies Registration Act 2001. It is an association for microfinance sector in India. It is also a Self-Regulatory Organization (SRO) for regulated NBFC-MFI.

Members Organizations: constitute India’s leading microfinance institutions. According to MFIN Bye-Laws, all NBFCs (Non-Banking Financial Company) registered with Reserve Bank India as NBFC-MFIs are eligible for membership of Society. To a large extent MFIN is member funded.

Governing Board: comprises of Members elected from amongst leadership of member MFIs and 33% of Board comprises of independent Members.

Currently: MFIN comprises 56 NBFC-MFIs (Non-Banking Financial Company-Micro Finance Institutions) and 40 associates including banks, small finance banks and NBFCs and it controls 90% of India’s MFI business. In financial year 2018-19 the microfinance industry saw a 38% growth in its gross loan portfolio at Rs 1.87 lakh crore.

Significance: This sector has played a significant role in getting rural India into folds of financial inclusion.

Month: Current Affairs - July, 2019