RBI-recognised SRO
Microfinance Institutions Network MFIN
NBFC-MFIs (+ banks/SFBs lending microfinance as associate members)
Why it matters if you borrow or pay
- India's oldest RBI-recognised SRO in this set — created after the 2010 Andhra Pradesh microfinance crisis on the Malegam committee's recommendation.
- Runs a code of conduct with field-level monitoring and its own dispute-resolution machinery for micro-borrower complaints.
- 84 member institutions listed on its member wall, from Fusion, Asirvad and CreditAccess Grameen to bank lenders like Axis, HDFC and ICICI.
What we're watching
- Roster is a logo wall organised by region — no join/exit dates published.
- Site text says 53 primary members (Mar 2025) but the logo wall shows 84 organisations — the extra tiles are likely associates; MFIN does not label them.
- Microfinance distress and RBI tightening make MFIN's enforcement record the one to watch for borrower-side harm.
Governance
Board / Governing Council
| Name | Role | Affiliation |
|---|---|---|
| Devesh Sachdev | Chairperson | Founder, Fusion Microfinance |
| Arnab Roy | Independent Member | Former Senior Executive Director, RBI |
Executive Committee / Office bearers
| Name | Role | Affiliation |
|---|---|---|
| Alok Misra | CEO & Director (ex-officio, non-voting) | |
| Sugandh Saxena | Member Secretary |
Members (84)
| Organisation | Type | Website |
|---|---|---|
| Adhikar Microfinance | member | adhikarindia.in |
| Adi Chitragupta Finance | member | acfl.co.in |
| Agora | member | www.amil.co.in |
| Annapurna Finance | member | ampl.net.in |
| Arohan Financial Services | member | www.arohan.in |
| Arth | member | www.arthfinance.com |
| ASA India | member | www.asaindia.in |
| Asirvad Microfinance | member | asirvadmicrofinance.co.in |
| AU Small Finance Bank | member | www.aubank.in |
| Avanti Finance | member | avantifinance.in |
| Aviral Finance | member | www.aviralfinance.com |
| Axis Bank | member | www.axisbank.com |
| Bajaj Finance | member | www.bajajfinserv.in |
| Bandhan Bank | member | bandhanbank.com |
| Belstar Microfinance | member | www.belstar.in |
| BWDA Finance | member | bwdafinanceltd.com |
| Centrum Microcredit | member | www.centrummicrocredit.com |
| CreditAccess Grameen | member | www.creditaccessgrameen.com |
| DJT Finserv | member | www.djtfinserv.in |
| Dvara KGFS | member | www.dvarakgfs.com |
| Equitas SFB | member | www.equitasbank.com |
| ESAF SFB | member | www.esafbank.com |
| Fincare Small Finance Bank | member | fincarebank.com |
| Fino Finance | member | www.finofinance.in |
| Fusion Microfinance | member | www.fusionmicrofinance.com |
| Grameen Koota (Growing Opportunity) | member | www.gopportunity.net |
| Grameen Shakti | member | www.grameenshakti.co.in |
| GU Finance | member | www.gufinance.com |
| HDFC Bank | member | www.hdfcbank.com |
| Hindusthan Microfinance | member | www.hindusthanmfi.com |
| ICICI Bank | member | www.icicibank.com |
| IDFC First Bank | member | www.idfcfirstbank.com |
| Inditrade Capital | member | www.inditrade.com |
| IndusInd Bank | member | www.indusind.com |
| ITI Vikas Trust | member | www.itiorg.com |
| Jagaran Microfin | member | www.jagaranmf.com |
| Jana SFB | member | www.janabank.com |
| Janakalyan Financial Services | member | www.janakalyan.net |
| Jeevan Utthan | member | jeevanutthan.in |
| K P Microfin | member | kpmicrofin.in |
| L&T Finance | member | www.ltfs.com |
| Light Microfinance | member | www.lightmicrofinance.com |
| LOLC (India) | member | www.lolc.com |
| M Power Microfinance | member | mpowermicro.com |
| Magenta Finance | member | magentafinance.co.in |
| Margdarshak Financial Services | member | www.margdarshak.org.in |
| Midland Microfin | member | midlandmicrofin.com |
| Mitrata Inclusive Financial Services | member | www.mitrata.in |
| MSM Microfinance | member | msmmicrofinance.com |
| Muthoot Microfin | member | www.muthootmicrofin.com |
| Namra Finance | member | namrafinance.com |
| Navi (Chaitanya India Fin) | member | www.chaitanyaindia.in |
| Nightingale Finvest | member | www.nightingalefinvest.in |
| Northern Arc Capital | member | www.northernarc.com |
| Piramal Enterprises | member | www.piramalfinance.com |
| RBL Bank | member | www.rblbank.com |
| Saija Finance | member | saija.in |
| Samasta Microfinance | member | www.samasta.co.in |
| Samavesh MFI | member | www.samaveshmfi.com |
| Sarala (Adikar?) | member | sarala.co.in |
| Sarwadi | member | www.sarwadi.com |
| Sarwadi (Swarna) | member | www.sarwadi.in |
| Satin Creditcare | member | www.satincreditcare.com |
| Satya Microcapital | member | www.satyamicrocapital.com |
| Save Microfinance (Savi) | member | savemicrofinance.com |
| Share Microfin (Mera Money) | member | www.sharemicrofin.com |
| SMFG India Credit | member | www.smfgindiacredit.com |
| South India Finvest | member | southindiafinvest.com |
| Spandana Sphoorty | member | www.spandanasphoorty.com |
| Srifin Credit | member | www.srifincredit.com |
| Suryoday SFB | member | www.suryodaybank.com |
| Svasti Microfinance | member | www.svasti.in |
| Svatantra Microfin | member | www.svatantramicrofin.com |
| Tata Capital | member | www.tatacapital.com |
| Ujjivan SFB | member | www.ujjivansfb.in |
| Unacco Finance | member | www.unacco.in |
| Unity Small Finance Bank | member | theunitybank.com |
| Unnati Microfinance | member | www.unnatimfi.com |
| Utkarsh SFB | member | www.utkarsh.bank |
| Vaya Finserv | member | www.vayaindia.com |
| Vector Finance | member | vectorfinance.in |
| VFSC Capital | member | www.vfscapital.in |
| Vruksha | member | vrukshamicrofin.com |
| Yes Bank | member | www.yesbank.in |
Parsed from the SRO's published member page on 2026-09-10. Marketing rosters, not filings — see methodology.
Activity
- 2014-06-16 recognition MFIN becomes India's first SRO for NBFC-MFIs