Former deputy governor of the Reserve Bank of India H R Khan has been appointed as the first chairman of the steering committee of the Code for Responsible Lending (CRL) in micro-credit. CRL is a self-regulatory initiative for the micro-credit industry making entities like banks, NBFC-MFIs and NBFCs adhere to standards of customer protection. CRL was launched in September by MFIN and Sa-Dhan, an RBI-recognized association of MFIs, along with Finance Industry Development Council, an association of NBFCs. CRL was envisaged to be guided and supervised by a steering committee representing banks, SFBs, NBFC-MFIs, NBFCs and industry associations under an eminent independent chair.
