On Monday, the MFIN tightened the guidelines around microlending, after it first came out with the norms in July. The sector's self-regulatory organization (SRO) made key changes including reducing the number of lenders to a borrower to 3 from 4 earlier, and capping the maximum indebtedness of a borrower at ₹2 lakh, including both micro and unsecured retail loans.
The new guidelines are prudent and will bring down delinquencies in the system, the MFIN's chief executive officer Alok Misra told Mint in an interview.
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