Manoj Kumar Nambiar elected as New Chairman of MFIN

Manoj Kumar Nambiar, Managing Director of Arohan Financial Services has been elected as the new chairman of Microfinance Institutions Network (MFIN).

Details:

• He was elected at the 6th annual general meeting of MFIN.
• Nambiar is also a director on boards of IntelleCash Microfinance Network Company.
• He will be replacing Ujjivan Financial Services CEO and MD Samit Ghosh.
• Gyan Mohan and Jagadish Ramadugu were also inducted to MFIN's governing board.

About Microfinance Institutions Network (MFIN):

• It was established as a Society in December 2009 under Andhra Pradesh Societies Registration Act 2001.
• It is an association for the microfinance sector in India.
• It is also a Self-Regulatory Organization (SRO) for regulated NBFC-MFI.
• The member organizations constitute India's leading microfinance institutions.
• According to MFIN Bye-Laws, all NBFCs (Non-Banking Financial Companys) registered with the Reserve Bank India as NBFC-MFIs are eligible for membership of the Society.
• To a large extent, MFIN is member funded.
• The Governing Board comprises of members elected from amongst leadership of member MFIs and 33% of the Board comprises of Independent Members.

One must know:

• In the financial year 2018-19 the microfinance industry saw a 38% growth in its gross loan portfolio at Rs 1.87 lakh crore.
• This sector has played a significant role in getting rural India into folds of financial inclusion.

Question:

Q. Who has been elected as the new chairman of Microfinance Institutions Network (MFIN)?
a. Murli Kumar Nambiar
b. Mridul Kumar Nambiar
c. Manoj Kumar Nambiar
d. Manohar Kumar Nambiar