MFIN, the Association for microfinance entities and an RBI recognized SRO launched India Microfinance Review FY 20-21; Micro Matters: Macro Review at a special event in Mumbai. The report was unveiled by Sivasubramanian Ramann, Chairman and Managing Director, Small Industries Development Bank of India (SIDBI), amidst an august gathering comprising microfinance providers, investors and analysts, regulators, among others.
The report, after setting a macro context, presents a snapshot of the Microfinance sector, its regulatory environment, performance during a tough financial year and critical developments including continued customer focus and changing market dynamics.
Dr Alok Misra, CEO and Director, said drawing from the unique position as an RBI-recognised SRO and an industry association, there is a need and responsibility to present a holistic perspective of the Microfinance industry in India. “There was a need to present the broader complex context within which the industry operates so that gap arising from different isolated perspectives is bridged. Besides presenting the performance of the sector serving 60 million low-income clients, the report also provides pointers to future so that all stakeholders associated with the industry remain cognizant of its core objective and frame their risk and return expectations with a broader and long-term perspective.”
Sivassubramanian Ramann, Chairman and Managing Director, SIDBI, complimented MFIN on the release of the important publication. The Microfinance sector has been meeting the financial needs of customers who are excluded from formal credit owing to several barriers,” he said. “Even among those served, vulnerabilities to income from shocks at the household, community and macro-level remain high. This report aptly captures the resilience of the sector and its constant struggle against odds to take formal credit to those who need it most!”
The launch event also saw Tamal Bandyopadhyay, Consulting Editor, Business Standard, moderate an energetic discussion on ‘Opportunities and Challenges in Microfinance: Post Covid and harmonized Regulation’ with an eminent panel comprising Devesh Sachdev – Chairperson MFIN and MD and CEO, Fusion Micro Finance Ltd.; Prashant Thakker – Chief Business Officer, Unity Small Finance Bank, Mr Avijit Saha, Business Head – Rural & Inclusive Banking, ICICI Bank; and Manoj Kumar Nambiar – MD, Arohan Financial Services Ltd.
Also Read: Tamil Nadu set to become global center for information technology: CM M.K. Stalin
The panelists opined that microfinance sector’s resilience has come out strongly during last year and given its criticality to India’s goal of inclusive development provides confidence for future. It was also observed that RBI’s proposed harmonized regulations for the sector applicable to all Regulated Entities will create a level playing field as also strengthen client protection.
Pingback: India is moving closer to the implementation of the four new labor codes