The Microfinance Institutions Network (MFIN), a self-regulatory organization of 53 Indian microfinance and non-banking financial institutions, recently launched a financial literacy app in English, Hindi, Marathi, Tamil and Telugu. The app offers users their credit histories, interest rates, payment cycles and information on client rights.
MFIN CEO Ratna Vishwanathan was quoted as saying, “It is crucial that [the underbanked] are aware of their rights and importance of practicing responsible borrowing.”
As of December 2016, MFIN’s members have an aggregate gross loan portfolio of INR 566 billion (USD 8.8 billion).
By Phoebe Rorke, Research Associate
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