Mr Vijay Mahajan, President of the Microfinance Institutions Network (MFIN), a self-regulated network organization of 39 microfinance institutions (MFIs) in India, authored an article recently published in India’s daily Economic Times addressing what he termed misconceptions about the microfinance industry.
“Stories about high interest rates, over-lending, defaults and coercive recoveries make sensational headlines. But independent studies by NCAER [the National Council for Applied Economic Research in India], CRISIL [a credit rating agency based in Bangalore, India] and others show that most MFIs [microfinance institutions] are credible and committed to providing affordable financial services to India’s 150 million financially-excluded households,” said Mr Mahajan.
By Stefanie Rubin, Research Associate
About the Microfinance Institutions Network (MFIN):
The Microfinance Institutions Network (MFIN) is a self-regulatory organization comprised of 39 of India’s microfinance institutions (MFIs). Mr Vijay Mahajan, Chairman of MFIN, is also the Chairman of the BASIX Group, an Indian microfinance institution established in 1996. BASIX Group consists of several companies that provide savings and insurance services to poor households in rural India as well as agricultural/business development services and institutional development services.
Additional Resources:
Source Article: The Economic Times: MFIs as Engine of Inclusive Growth: http://economictimes.indiatimes.com/Opinion/Comments–Analysis/MFIs-as-engine-of-inclusive-growth/articleshow/6100153.cms?curpg=1
MicroCapital Universe: Microfinance Institutions Network (MFIN): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Institutions+Network+(MFIN)
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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