Chandigarh 02nd July:- Microfinance Institutions Network
(MFIN),the premier industry association and Self-Regulatory Organization (SRO)
for the microfinance industry in India has announced Udaya Kumar, MD & CEO
of CreditAccess Grameen as its new President of the board. The board members
also elected Dibyajyoti Pattnaik, Director, Annapurna Microfinance as MFIN’s
new Vice President. The election took place in the annual general meeting of
MFIN held on 28th June in Bhubaneshwar.
Speaking
on his appointment as the President of MFIN Udaya Kumar said that 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. He believes 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.
Sharing
his sentiments on being appointed as Vice President of MFIN Dibyajyoti Pattnaik said
that he is 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. He is 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.
Udaya
Kumar has replaced Rakesh Dubey, CEO of SVCL as his term as President ended
this month. Dibyajyoti Pattnaik replaced Devesh Sachdev, CEO, Fusion
Microfinance as Vice President. Manoj Kumar Nambiar, MD, Arohan Financial
Services and Vineet Chattree, Director, Svatantra Microfin were also inducted
as new members of the board. During the annual general meeting,
Satya Chakrapani, CEO, Shikhar Microfinance and Anujeet Varadkar, CEO,
Svatantra Microfin have been elected as the members of Enforcement Committee
(EC). The EC guides, oversees and supports the self-regulatory work and handle
issues of non-compliances and grievances arising from clients requiring
redressal.
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