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Microfinance Institutions Network has welcomed the RBI move to grant in-principle approval to 10 entities to start small finance banks.
This self-regulatory organisation is particularly enthused over this RBI move as eight of the 10 entities approved are microfinance institutions.
All the eight NBFC-MFIs who have got the central bank nod are MFIN members, Ratna Vishwanathan, CEO, MFIN, said in a statement. In all, 17 MFIN members had applied for the small finance bank licences.
"This is a recognition of the good governance, high standards and responsible business practices adopted by these NBFC- MFIN and validates the robustness of the sector," she said.
MFIN has played a very crucial role in ensuring that NBFC-MFIs have had a level playing field through continuous engagement with the RBI, Ratna said.
It was through sustained efforts that the RBI opened up its application process to those NBFC-MFIs who had a pan India operations as against those which operated only in one State and two contiguous districts, she added.
MFIN also played a role in the renaming of small banks as small finance banks, Ratna said.
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