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Four NBFC-Microfinance Institutions (MFIs) have been given ‘mfR1’ grading by Crisil, which is the highest grading under its eight-point scale specially designed for evaluating the operations of MFIs.
They were Bandhan Financial Services, Kolkata, Equitas Microfinance, Chennai, Janalakshmi Financial Services and Ujjivan Financial Services headquartered in Bangalore. All these, however have operations in different states across the country.
“For the first time ever, four significant MFIs, headquartered in different parts of the country have received the highest grading. The positive regulatory stance of the RBI & the Government of India coupled with intensive efforts made by the industry players themselves towards achieving higher operating and compliance standards have resulted in this development,’’ Alok Prasad, Chief Executive Officer, Microfinance Insutitutions Network (MFIN), said in a release on Monday.
These micro-lenders are also members of MFIN, the apex body of NBFC-MFIs in the country.
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