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Business EconomyPosted at: Sep 1 2020 2:53PM


Importance of Customer-centric approach in post moratorium period, says MFIN; Issues Advisory to its Members

Kolkata, Sep 01 (UNI) Microfinance Institutions Network (MFIN), the premier industry association
for microfinance and an RBI-recognized Self-Regulatory Organization (SRO), has issued an
advisory to its Members on important steps to bear in mind while engaging with borrowers after
the moratorium, which ended on August 31.
The detailed advisory is a reiteration of points covered in Industry Code of Conduct and Code
of Responsible Lending such as fair interactions with borrowers, ensuring transparency, training for employees engaging with borrowers, among several others and also covers safeguards for Covid.
MFIN Members are RBI-regulated entities including NBFC-MFI, Banks, Small Finance Banks, Business Correspondents and NBFCs who provide microcredit to low income households.
With COVID 19 impacting the livelihood of these BOP borrowers, the RBI had announced an
initial Moratorium till 31st May 2020 and later extended it for a period of three months till
August 31.
Dr Alok Misra, CEO and Director, MFIN, said, “This is an extremely critical time for all of us
and we need to tread carefully. While the moratorium is ending, there could be borrowers who
might be facing stress. All providers agree that we must continue to show empathy with these
borrowers and allow them time to get on their feet, even though credit discipline is important. "
"Simultaneously, we need to handhold those who availed the moratorium and are willingly to
repay with relevant documents; revised loan card, accrued interest amount, changes in
repayment amounts, schedule, tenure, among others.”
Dr Misra further added, “While a lot of points mentioned in the Advisory are a part of the
Code of Conduct and the Code of Responsible Lending, it was felt important to reiterate
them so that the industry collectively ensures that customers’ interests are protected. In this
context, training of employees on customer interactions will become exceedingly important.
Feedback from field indicates resumption of economic activity and demand for credit from
clients.”
MFIN, as an SRO, has a Customer Grievance Redressal Mechanism (CGRM) in place
wherein any customer can complain on its toll-free number 1800 102 1080.
MFIN CGRM is available in 12 languages and customers from any state, anywhere in the
country can call on the toll-free number between 9:30 am to 5:30 pm.
Members are encouraged to display this number in their branches and print/stamp it on
their loan cards to allow customers to access the SRO if they wish to.
UNI SJC BM
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