A seven task force has been decided to be set up by the Microfinance Institutions Network (MFIN), a self-regulatory organisation of microfinance institutions (MFIs) in India, which will monitor and control the MFIs and manage the credit bureau, its transparency, the code of conduct, development of human resources, policy issues, the diversification of its product and its relation with the media.

At a press conference on Saturday, the organisation said that it has progressed significantly regarding transparency and the credit bureau initiatives.

Discussions were already on with the leading credit bureaus and a unanimous decision was reached whereby all of the 42 MFIN members will participate and work with the task force.

In the first half of the year, MFIN had put forth a code of conduct whereby fair practices, good governance and responsible lending were underlined.

It restrained the borrowers' group loan amount to below a net Rs. 50,000 from up to maximum 3 microfinance institutions. The code of conduct also demanded that the MFIs should share data with the credit bureaus and control all kinds of violations.