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2010-10-08

Banker’s forum to introduce standard loan contracts for MFI’s

With an aim to bring in more transparency and bring in a uniform and a standard credit contracts, the public and private banks established a Lenders’ Forum around a month ago under the Small Industrie

With an aim to bring in more transparency and bring in a uniform and a standard credit contracts, the public and private banks established a Lenders’ Forum around a month ago under the Small Industries Development Bank of India (SIDBI).

This process would cover more and more MFI’s in phases, and it would track the financial health of the MFI’s. The exercise is a part of the project funded by the loan issued by the World Bank and it focuses on introducing innovative financial products and fostering transparency and responsible finance.

The development of a standardised contract is in the process and the introduction would improve information disclosure especially regarding financing and decision-making.

In the last five years, the microfinance sector has grown and expanded at a brisk rate in India. It has been recorded that at the end of March, 2010, the MFI’s in the country have provided financial credit worth Rs 21,500 crore to 24 million clients.

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