Microfinance Institutions Network (MFIN), a self-regulatory organization of the Indian microfinance sector, is collaborating with High Mark Credit Information Services Limited, a private credit reporting agency based in India, to establish a tracking system to share client data among MFIN members. Member MFIs have already submitted their client data to MFIN, which has reportedly collected data on 28 million loan accounts so far. The fully functional credit bureau, which is expected to become operational by April 2011, is chiefly intended to curb multiple lending.
By Jacqueline Foelster, Research Association
About Microfinance Institutions Network (MFIN): The Microfinance Institutions Network (MFIN) is a trade association of Indian microfinance lenders that is presided over by Chairman Vijay Mahajan of microfinance institution BASIX. MFIN consists of 39 non-banking finance company-MFIs (NBFC-MFIs) in India, which reportedly account for more than 80 percent of the Indian market. MFIN is supported by Omidyar Network, a US-based philanthropic investment firm, and the International Finance Corporation (IFC), a member of the World Bank Group.
Sources and resources:
[1] Business Standard, March 3, 2011, “MFIN launches credit bureau for microfin client data”, http://www.business-standard.com/india/news/mfin-launches-credit-bureau-for-microfin-client-data/427098/
MicroCapital.org Article, July 8, 2010, “President of Microfinance Institutions Network (MFIN), Mr Vijay Mahajan, Confronts “Misconceptions” About Microfinance Industry”, https://www.microcapital.org/microcapital-brief-president-of-microfinance-institutions-network-mfin-mr-vijay-mahajan-confronts-%E2%80%9Cmisconceptions%E2%80%9D-about-microfinance-industry/
MicroCapital Microfinance Universe Profile: Microfinance Institutions Network (MFIN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Institutions+Network+%28MFIN%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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