Bhopal, April 13 2011:  Microfinance Institutions Network (MFIN) announces the launch of MFIN Central Chapter with its regional office at Bhopal, Madhya Pradesh.

Microfinance Institutions Network (MFIN) is a self-regulatory organization established by leading microfinance institutions in India to promote best practices in microfinance and help the industry achieve broader financial inclusion goals. MFIN represents 46 of the leading RBI registered NBFC-MFIs that, on an aggregated basis, account for over 80% of all microcredit activity in the country (excluding SHGs).

The Central chapter aims to provide a common platform for all microfinance institutions operating in the central region to resolve state level operational and policy issues, and deal with local matters relevant to the industry. Additionally, the central chapter will provide a forum for MFIs to coordinate and share information on MFIN code of conduct related issues.

The Central chapter covers MFIs with operations in the states of Madhya Pradesh, Chhattisgarh and the Marthawada / Nagpur region of Maharashtra.

Mr. Alok Prasad, CEO, MFIN said on the occasion, “The launch of the Central chapter stems from the need to recognize and resolve issues unique to the region. It will help ensure a greater understanding of regional matters and will facilitate cooperation among members. It will also prove effective in helping us direct MFIN initiatives to meet the local needs of the industry in this region and better  serve microfinance clients.  We expect that the Regional chapters will aid the process of transparency and data sharing amongst member MFIs and will add substantial value to the self-regulatory measures being undertaken by MFIN.”

MFIN was established in October 2009 with the purpose of promoting key objectives of Microfinance in India and establishing guidelines for responsible lending and client protection in the Microfinance industry.

As the self-regulatory organization for the microfinance industry, MFIN promotes responsible lending and client protection and has been working on a range of initiatives focused on the robust development of the microfinance sector. MFIN has established a stringent code of conduct for its members, which underscores fair practices, good governance and responsible lending. In the recent past MFIN has also launched helpline numbers and has established credit bureaus dedicated to the microfinance industry as part of its continuing efforts towards promoting customer–centricity, transparency and stronger self-regulation.