Comments
Microfinance Institutions Network has welcomed the RBI move to grant in-principle approval to 10 entities to start small finance banks.
This self-regulatory organisation is particularly enthused over this RBI move as eight of the 10 entities approved are microfinance institutions.
All the eight NBFC-MFIs who have got the central bank nod are MFIN members, Ratna Vishwanathan, CEO, MFIN, said in a statement. In all, 17 MFIN members had applied for the small finance bank licences.
"This is a recognition of the good governance, high standards and responsible business practices adopted by these NBFC- MFIN and validates the robustness of the sector," she said.
MFIN has played a very crucial role in ensuring that NBFC-MFIs have had a level playing field through continuous engagement with the RBI, Ratna said.
It was through sustained efforts that the RBI opened up its application process to those NBFC-MFIs who had a pan India operations as against those which operated only in one State and two contiguous districts, she added.
MFIN also played a role in the renaming of small banks as small finance banks, Ratna said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.