Propelling Financial Inclusion Through Microfinance

The microfinance industry is an excellent platform that the government can use propel its agenda of financial inclusion since they help to reach out to the unbanked population. That lacks has limited access to commercial credit. Microfinance Institutions Network (MFIN) led by Ratna Vishwanathan, promotes responsible lending, client protection, good governance and an enabling environment in microfinance. It is composed of Self-Regulation, Advocacy and Development, Communications and Marketing and State Initiatives that bring focus to the priorities of microfinance. The microfinance sector in India helps to emphasize the financial inclusion policies. The industry launched an employee bureau recently in partnership with global information solutions company Equifax to empower microfinance institutions more.

Microfinance institutions are challenged by attrition and leakage of information. The employee bureau will thus enable the organizations in addressing the amorphous structure of employees across the microfinance industry. The agency will further help in the maintenance of a database that contains details of the staff which will help MFIs in the improvement of quality hiring practices through a better pas employment check. Through the adoption of a cashless approach, MFIs are making disbursement faster and have been researching identity the efficient methods that can be used while going cashless.

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