The Microfinance Institutions Network (MFIN), a body that represents 46 RBI-registered NBFC-micro finance institutions, on Tuesday announced that its has set up a credit bureau for its members.
The credit bureau currently has data on 28 million loan accounts, Mr Alok Prasad, CEO, MFIN, told a press conference here . “The data collection process is going on and more data will be collected as more MFIs join the bureau,” he said.
The bureau will help check over-indebtedness of micro finance borrowers, keep vigil against multiple lending and improve credit risk management.
Alongside, MFIN has also co-sponsored a ‘transparency pricing initiative in India', under which pricing data for microfinance loans of 82 microfinance institutions in India is now available in the public domain in –
Asked for a comment on the recent Malegam Committee's recommendations on regulating microfinance institutions, Mr Prasad said that while MFIN was happy over the approach towards regulating MFIs, it had issues relating to some details.
“We are in constant touch with the RBI,” he said, but also said in response to a question, that the RBI was yet to call MFIN for formal discussions.