SHARES OF MICROLENDERS, including CreditAccess Grameen, Spandana Sphoorty and Equitas Small Finance Bank, rallied on Thursday after the Microfinance Institutions Network (MFIN) decided to defer by three months the implementation of limiting the number of lenders to three per borrower.MFIN, the self-regulatory organisation for the microfinance sector, had in November proposed a new cap of three lenders per borrower and a few other guidelines related to underwriting, KYC, and reporting data to credit bureaus. While the other norms came into effect on January 1, the rule on limiting the number of lenders to three per borrower will now be implemented from April 1."The feedback we got from the institutions was that the changes to the IT systems, the business rule engines, and all that takes time. To do it right now from January 1, when they have already done one major change in August and September would be a little troublesome and can create some problems in implementation in the field," said Alok Misra, CEO, MFIN, adding: "That is why we have given some time...from April 1, it will be on."Shares of CreditAccess Grameen jumped nearly 10% in intra-day trade on the NSE before closing at ₹947, a 6.5% gain. Shares of Spandana Sphoorty closed at ₹339, up 3%, while the Equitas SFB stock rose nearly 2% to close at ₹65.

Microfinance firms' shares surge as MFIN defers capping lenders

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