India’s Micro Industry to Share Data
India’s top micro-finance institutions said Tuesday they will be joining credit bureaus to ensure the world’s poorest borrowers don’t get overburdened with too many micro loans.
India’s Microfinance Institutions Network, which represents 31 of India’s largest companies that give out small loans to poor entrepreneurs, said its members would start registering details about their borrowers with the national credit bureaus. The micro-finance institutions will provide borrowers’ names, addresses and loan details to the Credit Information Bureau (India) Ltd (CIBIL). and High Mark Credit Information Services Pvt. Ltd.
