Microfinance News Digest

Microfinance Credit Information Bureau and Credit Information Bureau (India) Ltd to launch credit services

Credit Information Bureau (India) Ltd. (CIBIL) which is considered to be the first credit bureau in India has  joined hands with the The Microfinance Institutions Network (MFIN) to set up the Microfinance Credit Information Bureau (MCIB), to  enable MFIs to assess the credit worthiness and current exposure levels of loan applicants.

The Microfinance Institutions Network (MFIN) is  a self regulatory organisation of MFI non-banking financial companies (NBFCs) that work with regulators to promote micro-finance.There are currently 31 members in the MFIN. The microfinance sector has grown in leaps and bounds in the past few years and issues over multiple lending and over lending have become a major concern for all the MFI’s. The credit bureau is expected to help MFI’s make informed decisions.The service is expected to start in a few months time.

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