Microfinance Institutions Network (MFIN) has announced new appointments at the board level. A premier industry association and Self-Regulatory Organisation for microfinance industry in India, MFIN, appointed Udaya Kumar, Managing Director and Chief Executive Officer of CreditAccess Grameen and Dibyajyoti Pattnaik, Director, Annapurna Microfinance as new President and Vice President of the board respectively.
The election for appointment of board members took place during the annual general meeting of MFIN held on 28th June in Bhubaneshwar.
“It is an honor that MFIN members have entrusted me with this responsibility. The microfinance industry has started moving towards a rapid growth path again after overcoming a brief hurdle in last few quarters. I believe new phase of the sector has started with investors’ confidence increasing and the industry’s expansion with new entities entering. This makes MFIN’s role all the more important as the industry’s self-regulator as well as its voice,” said Udaya Kumar after his appointment as the President of MFIN.
“I am excited to take this new role and look forward to contribute towards promoting financial inclusion. MFIN is committed towards working on encouraging the industry to adopt measures of responsible lending and client protection as well as creating awareness among clients for responsible borrowing and financial literacy. I am confident that as the industry grows it will continue to create a lasting positive impact on the lives of millions in low income segment through empowering them by giving easy access to credit and financial services,” said Dibyajyoti Pattnaik on his appointment as Vice President of MFIN.
While Rakesh Dubey, CEO of SVCL was the President of MFIN before Udaya Kumar, Dibyajyoti Pattnaik replaced Devesh Sachdev, CEO, Fusion Microfinance as Vice President.
Other new members inducted during the board election were Manoj Kumar Nambiar, Managing Director, Arohan Financial Services and Vineet Chattree, Director, Svatantra Microfin.During the annual general meeting in Bhubaneswar, Satya Chakrapani, CEO, Shikhar Microfinance and Anujeet Varadkar, CEO, Svatantra Microfin were elected as the members of Enforcement Committee (EC). The EC role is to oversee and support the self-regulatory segment and control issues pertaining to non-compliances and grievances arising from clients requiring redressal.
MFIN is at the forefront in reinventing the regulated microfinance industry and is responsible for ensuring transparency and regulation in the sector while safeguarding the best interests of microfinance beneficiaries as well as the companies