Former RBI Deputy Governor HR Khan To Head Microfinance Panel
The Reserve Bank of India (RBI) logo is displayed inside the central bank building in Mumbai, India. (Photographer: Karen Dias/Bloomberg)

Former RBI Deputy Governor HR Khan To Head Microfinance Panel

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HR Khan, a former deputy governor of the Reserve Bank of India, has been appointed as the first chairman of the steering committee of the Code for Responsible Lending in microfinance.

The CRL is a self-regulatory step for the microfinance industry making diverse entities like banks, non-banking financial companies and microfinance institutions adhere to standards of customer protection, a statement by Microfinance Institutions Network said.

CRL was launched in September by MFIN and Sa-Dhan, an RBI-recognised association of MFIs, along with Finance Industry Development Council, an association of NBFCs.

"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 under-served and unserved borrowers," Khan said.

The CRL was envisaged to be guided and supervised by a steering committee representing banks, small finance banks, NBFC-MFIs, NBFCs and industry associations under an eminent independent chair.

Members of the steering committee include Harsh Shrivastava of MFIN, P Satish of Sa-Dhan, Srinivas Bonam of IndusInd Bank Ltd. and Sonia Krishnankutty of L&T Finance among others, the statement added.

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