Ujjivan - Providing Financial Services to the Poor

Microfinance Institutions Network (MFIN) launched in Mumbai on March 9th, 2010

MFIN an association of 34 leading institutions (See list of members) regulated by the R.B.I. and accounting for over 70% of the industry was launched at a press conference (Read Press Release) by Chairman Vijay Mahajan. MFIN’s mission is to be’ the engine for inclusive growth’ and targets to provide financial services to 100 million households by 2020. These would at least three of the four services: Credit, Savings, Remittance & Insurance.

MFIN has been at work for last few months and the tasks accomplished are:

Agreed on a common code of conduct & an enforcement mechanism as Self Regulatory Organization – SRO.
( Read summary of the Code of Conduct)

Suresh Gurumani (CEO, SKS Microfinance),
Vijay Mahajan (Chairman, BASIX) and
Samit Ghosh (CEO, Ujjivan Financial Services)

MFIN is engaged with CIBIL & High Mark, a new Credit Bureau, to provide information of microfinance
customers to avoid over extension of credit.
Alpha an investment vehicle of MFIN has invested 5% equity in High Mark.
MFIN is in discussion with UDAI to enrol 20 million poor customers in the program.

MFINs Task Ahead:

Capacity Building for Human Resources, Information Technology, Research Communications & Advocacy.
Building the Scope: Insurance , Savings & Remittances
Self Regulation
Social Impact

Ujjivan is founder & board member of MFIN. We are the convenors of the Human Resources capacity building task force. MFIN Board Members: Suresh Gurumani (CEO, SKS Microfinance), Vijay Mahajan (Chairman, BASIX) and Samit Ghosh (CEO, Ujjivan Financial Services)

	MFIN Members

	Code of Conduct

	Press Release