India’s Microfinance Industry To Self-Regulate With Code For Responsible Lending
Microfinance Institutions Network (MFIN) and Sa-Dhan, the RBI-recognised self-regulatory organisation and industry association for the microfinance industry, along with FIDC, have jointly released the ‘Code for Responsible Lending’ (CRL) for the micro credit industry.
The CRL was launched at Sa-Dhan’s 15th Annual National Conference in New Delhi on Monday.
The CRL is sector-specific and entity-agnostic. In addition to the CRL, a revised industry Code of Conduct (CoC) was also released for Microfinance Institutions (MFIs) that will act as a binding and compulsory set of principles with respect to lending practices.
Photo courtesy of Satish Krishnamurthy.