MFIN extends deadline for adhering to maximum three-lenders per borrower rule by three months
Microfinance Institutions Network (MFIN) has extended the deadline for adhering to the maximum three-lenders per borrower rule by another three months, people aware of the matter said.
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In the last week of November, the microfinance self regulator told its members to follow stricter lending principles in an effort to address the sector's asset quality stress.
MFIN is one of the two self-regulatory organisations for the sector. Sa-Dhan is the other one.
MFIN had in November told its members to ensure that no borrower should have loans from more than three lenders from the beginning of 2025. It has now extended the deadline for this particular rule to the end of March. Earlier in July, MFIN had put a cap of four lenders per borrower.
The restriction on the number of lenders is aimed at reducing high indebtedness of borrowers and in turn, make the lenders overcome the severe asset quality stress that they are facing at present.
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