Indian Microfinance Body Seeks RBI Nod for Self-regulatory Status
Tuesday, March 18, 2014
The Microfinance Institutions Network (MFIN) has applied to the Reserve Bank of India to be recognised as the first self-regulatory organisation (SRO) for microfinance institutions.
Besides filing a formal application, the registered body of leading non-banking finance company-microfinance institutions has also completed necessary structural changes in its management.
“We have just inducted three independent directors on the board as it is mandatory for an SRO to have one-third of members as independent directors,” its Chief Executive Officer Alok Prasad told Business Line.