About Us

In the decade leading up to 2009, the Non-Bank Finance Company-Micro Finance Institution (NBFC-MFI) model proved itself to be a viable and sustainable means of providing access to finance and meet the financial requirements of the bottom of the pyramid population. As a dedicated credit delivery channel for vast un-banked/under-banked segments, NBFC-MFIs have been playing a significant role in taking forward the Financial Inclusion agenda of the Government of India. What sets NBFC-MFIs apart is the fact that they do not depend on grants or subsidies to provide unsecured loans people with low incomes and no access to the banking system. Instead, they have used market oriented solutions that encourage self-reliance and entrepreneurship amongst its clients.

By 2009, NBFC-MFIs were contributing to a significant proportion of the aggregate Microfinance activity in India. In FY2009-10, this class of institutions had, at a pan-India level, succeeded in reaching out to over 23 million low income clients with total lending in excess of Rs 1800 Crores. As the NBFC-MFI industry grew, so did its need for transparency and better governance. It was against this backdrop that the industry felt the need for an organization that would establish a framework for fair practices and client protection for NBFC-MFIs and promote the development of a robust Microfinance industry in India.

Who We Are

MFIN was established in December 2009 as a Society under the Andhra Pradesh Societies Registration Act 2001. As per MFIN Bye-Laws, all NBFCs registered with the RBI as NBFC-MFIs are eligible for membership of the Society. MFIN is to a large extent member funded. Its Governing Board comprises of Members elected from amongst the leadership of member MFIs. One third of the Board comprises independent Members.


The Reserve Bank of India (RBI) vide its letter dated 16th June, 2014 accorded recognition to MFIN as Self Regulatory Organisation (SRO) of NBFC-MFIs.

MFIN works closely with regulators and other key stakeholders and plays an active part in the larger financial inclusions dialogue through the medium of microfinance.


MFIN’s primary objective is to work towards the robust development of the microfinance sector, by promoting:


To be an engine of inclusive growth for India and help provide financial services to 100 million low income households by the year 2020, in a responsible and transparent manner.

MFIN Organogram

Figure: MFIN Organogram

Governing Board

Independent Board Members


S.No.DetailsIssued OnEnclosures
1 MFIN-Bye-laws28th June, 2019 Download


S.No.DetailsIssued OnEnclosures
1 MFIN has been granted its first project under FCRA.18th OCT, 2017 Download


MFIN Committees

To guide, steer, oversee and support the SRO work, there is strong governance framework through two committees as under:

The Enforcement Committee is constituted for proper enforcement of the Code of Conduct and exercising oversight adherence to regulatory norms prescribed by the RBI / Government / any other regulatory authority by the member NBFC-MFIs. The role of the EC is to primarily handle issues of non-compliances and grievances arising from clients requiring redressal. The EC can take actions such as a. Issue Warning; b. Issue Censure; c. Levy fines for violations by NBFC-MFIs.


There are 3 independent members and 2 industry members in the EC. The Compliance Officer of MFIN is the non-voting Ex-Officio Member of the EC and a member of the SRO staff is the member secretary to the EC. Current composition the EC is as under:

Name Particulars
Ms Veena Mankar EC Chairperson and Independent Member (Founder & Chairperson, RBL Finserve)
Mr Arnab Roy Independent Member (Ex-Principle CGM and Regional Director, RBI)
Mr Haresh Kulshrestha Independent Member (Ex-CGM, RBI)
Mr Anujeet Varadkar Industry Member (CEO, Svatantra Microfin)
Mr Sadaf Sayeed Industry Member (CEO, Muthoot Microfin)


The SROC is the appellate body for EC decisions. The SROC can recommend suspension, expulsion and termination of membership to the Board with a speaking order in writing. In addition, SROC provides oversight and directions to SRO functions.

The SROC comprises of 5 (five) Members of which 2 (two) are from amongst the Elected Members of the Board and 2 (two) from Independent Members on the Board. The remaining 1 (one) member of the SROC is an independent person of eminence who is familiar with the financial services industry, whose appointment is approved by the Board. In addition, the Chairperson of the Enforcement Committee (EC) is the member to the SROC. MFIN, CEO is the non-voting Ex-Officio Member of the SROC and the Compliance Officer of MFIN acts as a Member Secretary of the SROC. Current composition the SROC is as under:

Name Particulars
Dr Alok Misra SROC Chairperson and Independent Member (Professor, Public policy and governance, MDI)
Mr N K Maini Independent Member (Ex-Deputy MD, SIDBI)
Ms Ragini Chaudhary Independent member(Director, Strategic Initiatives, Caspian)
Ms Veena Mankar Independent Member (Founder & Chairperson, RBL Finserve)
Mr Jagadish Ramadugu Industry member (MD & CEO, Vaya Finserve)
Mr Vineet Chattree Industry member (Director, Svatantra Microfin)


MFIN has a dedicated SRO vertical Headed by SRO Head who is responsible for managing all the SRO functions. Currently, SRO vertical has 4 team members as under.

SRO Team Position
Sugandh Saxena Head, SRO
Sheetal Prasad AVP, Self-regulation & Compliance
Jay Tripathi Manager, Regulation & Surveillance
Sankalp Tripathi Manager, Client Grievance Redressal

Task Forces

MFIN has established a number of Task Forces for focused action on specific areas of activity that, from an overall industry standpoint, are deemed critical. The Task Forces comprise of representatives of member institutions who help drive specific initiatives with the support of the MFIN Secretariat.

MFIN has introduced a new task force to strengthen the external stakeholders engagement. This includes engagement with the media, other associations and networks. The members of the Task Force are as under :



External Engagement Task Force
Name Representative Organization
Manoj Nambiar ( Chair) Arohan Financial Services (P) Ltd.
Devesh Sachdev Fusion Microfinance Pvt. Ltd.
Mohammad Nooruddin Amin Adhikar Microfinance Pvt. Ltd.
Vineet Chattree Svatantra Microfin Pvt.Ltd.
Anand Rao Chaitanya India Fin Credit Pvt. Ltd.
Sadaf Saeed Muthoot Microfin Limted
Harish Raghu SagGraha Management Private Services
Kartik Mehta Pahal Financial Services Pvt. Ltd.
Harsh Shrivastava CEO, MFIN
Achla Savyasaachi MFIN
External Engagement Task Force
Name Representative Organization
Vineet Chattree ( Chair) Svatantra Microfin Pvt. Ltd.
Manoj Nambiar Arohan Financial Services (P) Ltd.
Dr. Alok Misra Professor- Public Policy & Governance, MDI
Ragini Bajaj Chaudhary Graymatters Cap
Associate Member (TBC)  
External Expert (TBC)  
External Expert (TBC)  
Harsh Shrivastava CEO, MFIN

The Task Force on Advocacy is responsible for steering and guiding the advocacy agenda within MFIN. It supports the Secretariat in drafting policy notes to various stakeholders including RBI, MoF and other Central & State Governments. The Task Force engages with key policy makers and sector participants to create a conducive policy and business environment for the industry. The members of the Task Force are as under:


Advocacy Task Force Members
Name Representative Organization
Mr. Manoj Nambiar (Chair) MD, Arohan Financial Services (P)Ltd.
Mr. Govind Singh MD & CEO, Utkarsh Small Finance Bank
Mr. HP Singh Chairman & MD, Satin Creditcare Network Ltd.
Mr. Tapobrat Chaudhury Senior Vice President, Kotak Mahindra Bank
Mr. Harsh Shrivastava CEO, MFIN
Mr. Swetan Sagar Member Secretary, MFIN

The Task Force on Credit Bureau is responsible for strengthening the credit bureau ecosystem for the microfinance clients in the country. The members of the Task Force are as under:

Credit Bureau Task Force Members
Name Representative Organization
Mr. Jagadish Ramadugu ( Chair) MD & CEO, Vaya Finserv Private Limited
Mr. Anujeet Varadkar CEO, Svatantra Microfin Pvt. Ltd.
Mr. Malkeet Diyala  
Mr. Neeraj Sati VP & Product Head, RBL Bank
Mr. Rahul Kotabage DVP, Business Intelligence & Analytics, Suryoday Small Finance Bank
Mr. Sundar Arumugam Head, New Business & Innovation, CreditAccess Asia
Mr. Vishal Wadhwa EVP & Head – Rural Business, Fullerton India
Ms. Sugandh Saxena Member Secretary

This Task Force is responsible towards the development of a comprehensive framework of MFIN’s state level engagement and put in place an effective state level engagement model through state chapters and associations to deepen advocacy and self-regulatory functions of MFIN at state and district level. The members of the Task Force are as under :

Task Force on State Initiatives
Name Representative Organization
Mr. Vineet Chattree (Chair) Director, Svatantra Microfin Pvt. Ltd.
Mr. Anjan Dasgupta MD, ASA International India Microfinance Ltd.
Mr. Ganesh Rao CEO, New Opportunity Consultancy Services Pvt. Ltd.
Dr. Kalpana Sankar MD, Belsrat Microfinance Ltd. & Co-Founder, Hand in Hand India
Ms. Achla Savyasaachi Member Secretary

The Task Force on Medium & Small MFIs specifically focuses on the issues related to medium & small MFIs including access and cost of funding, impact of RBI Directions on pricing of credit in lowering interest rate regime and capacity building support. The members of the Task Force are as under:


Task Force on Medium and Small MFIs
Name Representative Organization
Mr. Gyan Mohan (Chair) Director & CEO, Adi Chitragupta Finance Limited
Mr. KM Vishwanathan MD & CEO,  M Power Micro Finance Pvt Ltd.
Mr. Ankush Golechha Director, Aviral Finance Pvt. Ltd.
Mr. Mantu Nath Sarma Director, Nightingale Finvest Pvt. Ltd.
Mr. Amit Mathur Member Secretary