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Micro Finance Institutions Network (MFIN), an industry body representing the microfinance industry, has been formally recognised by the RBI as a self-regulatory organisation (SRO) for NBFC-MFIs. This makes MFIN the first RBI-recognised SRO in the country and among a select few globally in the financial services sector. “A formal SRO recognition from the RBI is a shot in the arm for the microfinance industry and a forward looking step in the development of the national regulatory architecture,” Alok Prasad, CEO, MFIN said in a statement.
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