National Policy on Financial Inclusion and Self Regulatory Organizations (SROs) Essential for Structured Growth of the Microfinance Sector

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Sa-Dhan

14 Mar, 2014, 16:02 IST

MUMBAI, March 14, 2014 /PRNewswire/ --

Sa-Dhan Successfully Hosts the 9th National Financial Inclusion Conference; Lays out Roadmap for Financial Inclusion

Sa-Dhan, the association of community development finance institutions, today organized the 9th National Financial Inclusion Conference in Yashwantrao Chavan Centre, Mumbai.

Under the theme "Partnership and Future Growth: Challenges ahead for the Microfinance Sector", participants discussed the challenges faced by the microfinance sector and the way forward. Deliberations during the sessions brought out the need for:

  • A national policy on financial inclusion as recommended by the Parliamentary Standing committee on Finance
  • Pursuing a new MFI bill in the 14th Lok Sabha session
  • Building a strong and inclusive credit bureau system encompassing the Self Help Groups (SHGs)
  • Enhancing regulatory compliance through SROs to foster growth in the industry

The conference was attended by eminent dignitaries such as Mr Mohan V Tanksale, Chief Executive, Indian Banks Association (IBA), Mr Sushil Muhnot, CMD, Bank of Maharashtra, Mr N S Vishwanathan, Principal CGM, Reserve Bank of India (RBI), Mr Jagadananda, Chairperson, Sa-Dhan, Mr Samit Ghosh, Managing Director, Ujjivan Financial Services Pvt Ltd, Ms Bindu Anantha, President, IFMR Trust, Mr Mathew Titus, Executive Director of Sa-Dhan and others.

Mr Mohan V Tanksale, Chief Executive Officer, Indian Banks Association complimented the microfinance sector for reaching 30 million villagers across the country. He also emphasized on the need for building credibility of the sector by focusing on transparency, accountability and adopting client protection measures.

Mr N S Vishwanathan, Principal CGM, Reserve Bank of India said, "The Microfinance sector is dealing with people from the lowest end of the economic strata. Hence there is a need for regulation to come from within the sector". He further added, "Self-Regulatory Organizations can play a big role in building credibility for the MFI sector."

Mr Mathew Titus, Executive Director, Sa-Dhan said, "It has been promising to have the conference in Mumbai as we have seen a positive response from the bankers. Going forward, bankers will play a key role in building microfinance policies, the regulatory framework and the industry eco system."

About Sa-Dhan:

Sa-Dhan came into being on July 21, 1999 with a mission to build community development finance in India. It helps its member and associate institutions to better serve low-income households, particularly women, in both rural and urban India, in their quest for establishing stable livelihoods and improving quality of life.

Website: http://www.sa-dhan.net/

Primary Media Contact: Aanchal Agarwal, [email protected], 91-9717440834