MFIN, Equifax launch employee bureau for MFI sector

Mumbai: Microfinance Institutions Network (MFIN) in association with Equifax, a global information solutions company, on Tuesday launched an employee bureau for the microfinance sector.

The bureau will help employers to verify and authenticate the employment details of the talent pool. MFIN's chief executive officer, Ratna Vishwanathan, said, at present, NBFC-MFI industry consists of nearly 80,000 employees and there is a lot of cross movement of the staff – especially at the field level, with very little formal background and employment verifications.

"To address this, we have partnered with Equifax to create and implement the employee bureau. This database will have non-finance information, that is, excluding salary information of all employees of participating MFIs with a unique key identifier to allow on boarding of employees," she said in a statement on Tuesday.

The bureau will help in maintaining a database containing details of the staff which would help MFIs improve quality hiring practices with better past employment check.