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All India Association of Chit Funds

All India Association of Chit Funds is the Apex body of State Chit Funds Associations which are all registered bodies. The State Associations comprise of chit funds companies, firms and individuals doing chit business. The Association is the representative body for more than 30,000 registered chit funds all over the country.

Chit fund is a traditional financial system which was prevalent even before the evolution of Banking. Though it exists in other parts of the world by the name Rotating Savings and Credit Association (ROSCA), India is the only country where its operations are governed by legislations. It is a saving cum borrowing instrument, which is unique when compared to other financial products, with numerous built in advantages like easy accessibility, user friendly free of latent cost, periodic interest hikes, and is the most preferred option, for those, who plan to save small amounts.

Chit Funds are classified as Miscellaneous Non-Banking Financial Institutions, under the Reserve Bank of India Act, 1934 and are governed by a Central Act, namely, The Chit Fund Act, 1982 which is administered by the respective State Governments.

AIACF has been belligerently pursuing the cause of both the chit promoters and the subscribing public. Some of the notable achievements include
  • Tie-up with Bill & Melinda Gates Foundation to get them to use the channel of chit funds for their Poverty Alleviation Program
  • Active participation in the Key Advisory Group on Chit Funds formed by Ministry of Finance to review this sector & recommend both regulatory as well as other reforms.
  • Constant interaction with the Legislators and Administrators to bring in user-friendly legislations and its effective implementations
  • Vigorous measures to revamp the working of Chit Funds to position it at par with other financial intermediaries to enhance its role in the National Financial Inclusion Program

Micro Finance Institutions Network (MFIN)

Micro Finance Institutions Network (MFIN) is the industry association and of Non-Bank Finance Company Micro Finance Institutions (NBFC-MFIs). It was established in October 2009 as the primary representative body of the NBFCs engaged in the business of Microfinance. The four pillars of MFIN’s work are advocacy, self regulation, development and communications. The overarching aim of all that MFIN does is to achieve MFIN’s mission of promoting robust development of the microfinance industry and thereby facilitate access to finance to the millions of un-served and underserved people in India and thus further the financial inclusion agenda in the country. MFIN has a membership base of 43 NBFC-MFIs.

MFIN is constitutionally, structurally and functionally designed as the Self-Regulatory Organization (SRO) for the microfinance industry. MFIN has supported the establishment of an effective framework of guidelines for responsible lending and client protection. MFIN is working on a range of activities focused on self-regulation. The industry has a Code of Conduct which MFIN ensures is followed through an Enforcement Committee. MFIN and its members have made enormous efforts in developing the Credit Bureau ecosystem for the microfinance clients. Enforcement mechanism through MFIN has ensured that today the credit bureaus have over 120 million records.

MFIN’s primary objective is to work towards the robust development of the microfinance sector, by promoting:
  • Responsible lending
  • Client protection
  • Good governance and
  • A supportive regulatory environment
Partnership Opportunities
For Partnership Opportunities Please e-Mail to: partnership@et-financialinclusion.com
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For Delegates Please e-Mail to: delegate@et-financialinclusion.com
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