Harun R Khan, former Deputy Governor, RBI to Chair the Steering Committee of the Code for Responsible Lending (CRL) in Micro-credit
New Delhi, November 28, 2019: Harun R Khan, former Deputy Governor of the Reserve Bank of India will be the first Chair of the Steering Committee of the Code for Responsible Lending (CRL) in Micro-credit.
The CRL is a significant self-regulatory step for the micro-credit industry bringing diverse entities like Banks, Small Finance Banks, NBFC-MFIs and NBFCs etc to voluntarily agree on adhering with standards of customer protection including addressing over-leveraging. CRL was launched in September 2019 by MFIN and Sa-Dhan (the RBI recognized self-regulatory organisations and industry associations for the microfinance industry), along with FIDC (Finance Industry Development Council – industry association for NBFCs).
The CRL is envisaged to be guided and supervised by a Steering Committee representing
Banks, SFBs, NBFC-MFIs, NBFCs and industry associations under an eminent independent Chair. Other members of the Steering Committee are Srinivas Bonam – IndusInd Bank, Govind Singh – Utkarsh Small Finance Bank, Sonia Krishnankutty – L & T Finance, Manoj Kumar Nambiar – Arohan Financial Services, Murali Srinivas – Smile Microfinance, Harsh Shrivastava – MFIN and P Satish – Sa-Dhan.
Speaking on his role as the Chairperson of CRL Steering Committee, Harun R Khan said,
“I am excited to be part of this initiative of MFIN and Sa-Dhan. I strongly believe in the importance of promoting responsible finance to protect the interests of underserved and unserved borrowers. This is becoming increasingly important as more and more first generation and women borrowers take microfinance loans. This way of bringing together all microfinance lenders—banks, SFBs, MFIs and NBFCs, on a common platform is unique. I look forward to contributing to this.”
