The Microfinance Institutions Network (MFIN) was recognised by the Reserve Bank of India (RBI) as India’s first SelfRegulatory Orgnization (SRO) for Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFI) in

Correct option is D

• The Microfinance Institutions Network (MFIN) was officially recognized as India’s first Self-Regulatory Organization (SRO) for Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs) by the Reserve Bank of India (RBI) in 2014.
• This recognition was given to ensure better regulation, transparency, and governance of the microfinance sector in India.
• The SRO status allows MFIN to set industry best practices, create grievance redressal mechanisms, and ensure compliance with RBI regulations.

• Microfinance Institutions (MFIs) provide small loans to low-income individuals or groups who typically lack access to traditional banking services.
• RBI Guidelines for MFIs: Ensure responsible lending, interest rate caps, and borrower protection.

Role of MFIN as SRO:

1. Industry advocacy & compliance monitoring             

                2. Customer protection & fair lending practices                 

                3. Bridging the gap between regulators and MFIs