Microfinance Industry Network (MFIN), the premier association and RBI-recognised Self-Regulatory Organization (SRO) for the microfinance industry named Udaya Kumar Hebbar, MD & CEO, CreditAccess Grameen Ltd. as the Chairperson and Manoj Kumar Nambiar, MD of Arohan Financial Services Ltd. as the Vice Chairperson at its 14th Annual General Meeting.
On the completion of their respective terms, Mr. Udaya Kumar Hebbar took over from Mr. Devesh Sachdev, MD & CEO of Fusion Micro Finance Ltd., and Mr. Manoj Kumar Nambiar took over from Mr. Vivek Tiwari, MD & CEO of Satya MicroCapital Ltd.
MFIN Members elected Manoj Kumar Nambiar and Vineet Chattree, Directors – Svatantra Microfin Pvt. Ltd., to the Governing Board through an election process. Mr Dibyajyoti Pattanaik, Director – Annapurna Finance, bid farewell to the House.
On the occasion, Udaya Kumar Hebbar, MD & CEO, CreditAccess Grameen Ltd. said, “I am deeply honoured for being entrusted along with the Board, to steer the microfinance industry as a balanced, responsible, and sustainable sector lending at the bottom of the pyramid. The industry has demonstrated a strong cross-cycle resiliency over the past two decades and has only grown stronger with every passing year. It is at an inflection point, buoyed by sanguine macroeconomic environment, harmonised microfinance regulations, and strong governmental support. MFIN will continue to play its crucial role of financial inclusion for the underserved, maintaining responsible self-regulations, protecting the customer’s interest, and fulfilling responsibilities towards all stakeholders.”
Speaking on assuming the role of Vice Chair, Manoj Kumar Nambiar, MD of Arohan Financial Services Ltd (an Aavishkaar Group company), said, “I am delighted to be back on the MFIN Governing board as a Vice Chair as it transitions to a broad-based microfinance body across banks and non-banks covering the entire sector. This is even more important at a time where the industry looks to grow in scale and size impacting millions of women at the Bottom of the Pyramid segment.”
Welcoming the new Chair and Vice Chair to the board, Dr. Alok Misra, CEO and Director – MFIN said, “There could not have been a more opportune time to have Mr Udaya Kumar Hebbar and Mr Manoj Kumar Nambiar, veterans in the microfinance industry, to lead MFIN’s Board. As both have held positions on the board earlier and are familiar with the need of the hour as MFIN positions itself to emerge stronger as an integrated body representing all RBI registered REs (Regulated Entities), their role in carving out the future of Microfinance is going to be critical. I look forward to working with them to ensure sustainable growth of the industry.”
With the new Chair and Vice Chairman, the 7 Member Board now includes Abhisheka Kumar, MD – Sindhuja Microcredit Pvt Ltd, Ankush Golechha, Director – Aviral Finance Pvt Ltd., (representing the medium and small MFIs respectively), Vineet Chattree, Managing Director – Svatantra Microfin Pvt. Ltd., Amardeep Singh Samra, MD and CEO, Midland Microfin Ltd., and George K John, Executive Vice President – ESAF Small Finance Bank (representing Banks, Small Finance Banks, NBFCs, BCs among others).
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
