· Mr Anand Rao of Chaitanya India Fin Credit is elected as Vice President
Chandigarh, 20 December, 2016: Microfinance Institutions Network (MFIN), the premier industry association and Self-Regulatory Organization (SRO) for the microfinance industry in India has announced Mr Rakesh Dubey, CEO of SV Creditline Pvt Ltd. as its new President of the Board. He was earlier the Vice President and has replaced Mr R Baskar Babu as the President now. Mr Anand Rao, MD of Chaitanya India Fin Credit was also elected as the new Vice President.
Speaking on his appointment as the President of MFIN Mr Rakesh Dubey said, “While taking role as MFIN President in the changed and challenging environment I feel confident about the future of this sector. As a team together we would be taking this opportunity to change cash rich to cashless operations, developing an appropriate financial ecosystem for affordable housing, sanitation and education etc to impact society at large. Simultaneously, we will also be working towards resolving the issues and concerns raised by different stakeholders on different forums to keep the house in order.”
Sharing his sentiments on being appointed as Vice President of MFIN Mr Anand Rao said, “I am honoured that I have been entrusted with this responsibility. The industry is going through a challenging time. We need to focus on client protection, responsible lending and integrating technology with the microfinance business.”
The newly appointed President Mr Rakesh Dubey has 20 years of experience in the Microfinance domain and has an expertise in setting up MFIs- domestic as well as internationally. Prior to joining the SVCL team, Mr Dubey had also been involved in the inception of SONATA Finance Pvt. Limited and Cashpor Micro Credit. Mr Anand Rao is MD and one of the founders of Chaitanya. His earlier work experience has been in International Development at World Resources Institute, Washington DC and in the Indian Corporate Sector at PepsiCo India and Bosch India.
About Microfinance Institutions Network
Microfinance Institutions Network (MFIN),the premier industry association and Self-Regulatory Organization (SRO) for the microfinance industry in India with 55 leading NBFC (Non-banking Financial Company) Microfinance Institutions (MFIs) with an outstanding in excess of INR 45000 Cr serving over 45 million end customers across 26 states in the country. The aggregate business of MFIN members constitutes over 90 per cent of the Indian microfinance industry (excluding SHGs). MFIN seeks to work closely with regulators and other key stakeholders to achieve larger financial inclusions goals through microfinance.