After RBI strictures, MFIs tighten norms to make lending more responsible

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After RBI strictures, MFIs tighten norms to make lending more responsible - Business Standard

Quick Summary:

From January 1, the self-regulatory organisation's members will ensure that a single MFI client's borrowings are limited to three MFIs as against four at present and the total indebtedness of a borrower including MFI and unsecured retail loans is capped at Rs 2 lakh, a statement said.

After repeated strictures from the Reserve Bank on the industry's practices, the Microfinance Institutions Network (MFIN) on Monday announced a slew of changes to make lending to the bottom of the pyramid more "responsible".

The body's chief executive and director Alok Misra hoped that the sector will become "more resilient" with the new measures.