H R Khan, former deputy governor of Reserve Bank of India (RBI) has been appointed as first chairman of steering committee panel on Code for Responsible Lending (CRL) in Micro-Credit. Members of panel include: P Satish of Sa-Dhan, Sonia Krishnankutty of L&T Finance, Harsh Shrivastava of MFIN and Srinivas Bonam of IndusInd Bank among others.
About Code for Responsible Lending (CRL)
It is a self-regulatory step for micro-credit industry making diverse entities such as banks, Non-Banking Financial Company – Micro Finance Institution (NBFC-MFI) and NBFCs, adhere to standards of customer protection.
CRL was launched in September 2019 by Micro-finance Institutions Network (MFIN) and Sa-Dhan, an RBI-recognised association of microfinance institutions (MFIs), along with Finance Industry Development Council, an association of NBFCs. It was envisaged to be guided and supervised by a steering committee representing banks, Small Finance Banks (SFBs), NBFC-MFIs, NBFCs and industry associations under an eminent independent chair.