Micro Finance Institutions Network (MFIN), the umbrella body of micro-finance companies, will be seeking the Reserve Bank's approval to become a self- regulatory organisation by the end of the month, said the media report.
"We have received approval from our board and will soon apply (to become an SRO)... maybe by the end of this month," MFIN Vice-President Chandra Shekhar Ghosh told PTI.
He said the association has put in place most of the requirements which the RBI has asked for and rest of them will be in place soon.
The MFIN has 42 NBFC-MFI members, which include SKS Microfinance, Bandhan, Grameen Financial Services, and Trident Microfin, L&T Finance, Ujjivan, and Muthoot Fincorp among others.
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