Responsible Finance Forum (RFF) India

A woman raises her hand to speak at a community meeting in Aurangabad

The Responsible Finance Forum (RFF) India, founded in 2011, is an independent voluntary body promoting responsible finance (RF) principles among financial inclusion sector participants. RFF is the first multi-stakeholder body in the country having representations from various stakeholder groups like Microfinance Institutions (MFIs), Business Correspondents (BCs), multilateral and bi-lateral organizations, industry associations, networks, lenders, investors and think tanks.

It is “the voice of the end clients; promoting responsible finance in the country”

RFF acts as a platform to deliberate and collaborate on RF agenda from the end clients perspective and work together to take it forward in a systematic manner, towards the sustainable growth of the sector.


Objectives:

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The Forum’s objective is to facilitate adoption, adherence and strengthening of responsible finance (RF), including and not limited to customer protection of participants of financial inclusion initiatives of India. RFF acts as a neutral platform to:

Integrate the RF activities of various stakeholders in the sector

  • Act as a platform to coordinate and share information on various RF initiatives among different stakeholders
  • Facilitate convergence of RF Initiatives such as but not limited to Code of Conduct implementation, Customer Protection, and Financial Awareness.
  • Facilitate coordination among donors, lenders and investors in unifying assessments, certification, reporting formats for RF initiatives.

Promote RF Practices in the Sector

  • Identify and support best practices followed by Financial Institutions in the area of RF.
  • Identify challenges and solutions for implementing RF practices in the sector
  • Enable a sectoral environment that incentivizes financial institutions, lenders, investors to maximize efforts and resources for undertaking RF initiatives
  • Support development of policies and documents on topics of priority to the sector

Communicate to the stakeholders on RF initiatives in a regular, timely and appropriate manner

  • Communicate to stakeholders on RF initiatives through publications and sectoral events
  • Facilitate studies on internalizing RF initiatives in financial institutions and to disseminate widely among stakeholders
  • Engage with key stakeholders including regulators, policy makers, lenders, donors and investor forums, as well as apex financial institutions.

Initiatives

The list of initiatives includes:

  • Unified Code of Conduct
  • Directory of Microfinance Institutions (MFIs) in India
  • Responsible Finance in India Newsletters

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Members

The members include the World Bank Group, the Small Industries Development Bank of India, the UK Department for International Development, the Michael and Susan Dell Foundation, Dia-Vikas Capital, Sa-Dhan, Access-Assist, Microfinance Institutions Network, Business Correspondent Federation of India, and Individual Members such as Mr. Brij Mohan and Mr. Narasimhan Srinivasan

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