Registration process for MFI very onerous: MFIN

MFIN has also asked that the MFI regulation should focus on macro issues and change anti-client provisions.

Alok Prasad, CEO, MFIN said, “The registration process was very onerous, that needs to be simplified and rather that doing it across each single district with the government authority it should be at the state capital level. It should not be on an annual basis and may be five years and a review after that.”

“So firstly registration, second is vis-ŕ-Vis the clients themselves where I think the government’s rules are very anti-client. For example repayments can happen only at the Gram Panchayat office which means the client has to walk long distance, loose whole day, wages may be in the process,” he adds.

“What we are saying is that leave a lot of matters which are the way you design a product for a client and don't get into that, deal with the larger macro issue what the concerns are and that we can collectively work together and find answers for,” Prasad adds.