MFIN appoints R Baskar Babu as new President

Mumbai, 4 July, 2016: Microfinance Institutions Network (MFIN),the premier industry association and Self-Regulatory Organization (SRO) for the microfinance industry in India has announced Mr. R Baskar Babu, CEO of Suryoday Micro Finance as its new President of the Board in the wake of the previous President retiring. He replaces Mr. Manoj Nambiar of Arohan. The Board also elected Mr. Rakesh Dubey, CEO of SVCL Creditline Pvt Ltd. as MFIN’s new Vice President.

Speaking on his appointment as the President of MFIN Mr. R Baskar Babu said, “I am happy to be entrusted with this responsibility in this important phase of the rapidly changing Financial Inclusion landscape. These are interesting times with many interesting and positive changes happening at the same time. As before, MFIN will continue to strive in bringing about a focused and sustained efforts among players in the Financial Inclusion space in strengthening the sector to positively impact our clients, our primary stakeholders”

Sharing his sentiments on being appointed as Vice President of MFIN Mr. Rakesh Dubey said, “As a part of Governing Board of MFIN, I shall try to use my expertise for promoting financial inclusion and in contributing towards the robust development of the microfinance sector. I am committed towards working on encouraging the industry to adopt measures for responsible lending, client protection and policy advocacy for betterment of MFIs. Additionally, we will try to create more employment opportunities that help to raise the living standards of the lower income group and eventually build a global network of sustainable and scalable social enterprises.”
The newly appointed President, Mr. R Baskar Babu, has 22 years of experience in financial services and banking and has earlier worked with First Leasing, Cholamandalam, HDFC Bank and GE Capital in various leadership positions. Mr. Rakesh Dubey has more than 18 years of experience in the micro finance domain and has an expertise of setting up domestic as well as international microfinance institutions. Prior to joining the SVCL team, Mr. Dubey had also been involved in the inception of SONATA Finance Pvt. Limited and Cashpor Micro Credit.
The MFIN Board has also inducted Mr. Dibyajyoti Pattnaik, CEO, Annapurna Microfinance Ltd as the new member of the governing board. He comes in the wake of Mr. K Paul Thomas of ESAF Microfinance and Investment retiring from the board after serving his full term.
Currently, MFIN governing board has 11 members (7 elected members and 4 Independent) and supports the broad goals of the organisation by providing overall direction to its activities for ensuring the healthy development of the NBFC-MFI industry. MFIN has been at the forefront of transforming the regulated microfinance industry and is responsible for bringing in transparency and regulation in the sector while safeguarding the best interests of MFI beneficiaries as well as the companies.