Chennai, 1st March 2011: Microfinance Institutions Network (MFIN) announced at a press conference held in Chennai today that its Credit Bureau initiative for microfinance clients has now come to fruition. This initiative is a big step forward for bringing the microfinance industry into the mainstream and for promoting responsible lending.

Microfinance Institutions Network (MFIN ) is setting up a high powered Inquiry Panel to look into the full range of issues related to the transformation of microfinance institutions that evolved from NGOs into NBFC- MFIs. The inquiry will address concerns raised by the media and other stakeholders vis-à-vis the appropriateness of processes followed during the course of these transformations and the evolution of the shareholding pattern of these entities. The Panel will also look into other connected matters such as accounting practices, valuations and governance.