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MUMBAI: In the first year of the new regulatory framework for microlending, the microfinance industry (MFI) has grown 22%, indicating that the new norms have had a positive impact. MFI loans by non-bank finance companies (NBFCs) have grown faster than those from banks or small finance banks.
According to the Micrometer report by MFIN, an association of microloan providers, as of March 31, the microfinance industry reached Rs 3,48,339 crore with a YoY growth of 22. NBFC-MFIs regained their position as the largest microfinance provider, holding a 39. 7% share.
The microfinance industry served 6. 6 crore unique borrowers through 13 crore loan accounts, with a total gross loan portfolio (GLP) of Rs 3,48,339 crore. The GLP exhibited a 22% YoY increase.
According to the Micrometer report by MFIN, an association of microloan providers, as of March 31, the microfinance industry reached Rs 3,48,339 crore with a YoY growth of 22. NBFC-MFIs regained their position as the largest microfinance provider, holding a 39. 7% share.
The microfinance industry served 6. 6 crore unique borrowers through 13 crore loan accounts, with a total gross loan portfolio (GLP) of Rs 3,48,339 crore. The GLP exhibited a 22% YoY increase.
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