Responsible Finance India Report

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Presentation transcript:

Responsible Finance India Report Dr. Alok Misra, Professor, Public Policy & Governance, Management Development Institute (MDI)

What is Responsible Finance & Why? Global discourse has shifted from Rural Finance to Inclusive Finance to Responsible Finance 2008 Global Crisis & Mf crisis in India, Bosnia, Nicaragua…. “How” equally (if not more) important than outreach Responsibility to Clients and Staff Client protection: Appropriate products, Pricing, Avoiding Over Indebtedness, Transparency, Grievance redressal Another dimension - Usage and Outcomes over Access CGAP, IFC, World Bank, Responsible Finance Forum, AFI Issue of Data/Reports measuring RF – RBI/CoC/USSPM/Smart in Microfinance Critical now to embed RF across channels

What’s in the RF Report? Progress of MFIs on RF across USSPM dimensions (35 million) Governance, Poverty Outreach, Pricing, Transparency, Grievance Redressal, Avoiding Over-indebtedness, Appropriate Products Role of MFIN as SRO in promoting RF ICoC compliance through TPE, GRM framework (7181/7085), Dispute resolution, CB ecosystem, Data dissemination and analysis, Client education Evidence from the field (2 Studies) 80% would prefer MFIs for Savings, 45% stress in repayments Risks in Mf- Meta data 5 States-55%, Top 50-45% (55% in 520) High growth across institutions backed by repayment frequency shift & higher loan size, Problem spots frequency increased

What’s in the RF report? SHG-Bank Linkage (~100 million, 7.9 million SHGs) Growth after dip, Digitisation, Women empowerment Skew, Under financing, Grievance redressal, NPAs – role of SHPAs MUDRA/PMJDY/P2P & Suggestions to strengthen RF MUDRA – move towards building ecosystem (CG, Literacy, Products) PMJDY – BC viability needs relook, Client literacy, Grievance redressal Reducing regional skew, E-KYC, Patient capital, Harmonisation of assessments, SRO funding, Regulatory arbitrage