West Bengal accounts for 10.4% MFI loan portfolio, second in India: Report

West Bengal accounts for 10.4 per cent of the total MFI loan portfolio in the country after Tamil Nadu at 12.4 per cent, as per a new report.

It said the MFI segment created huge small entrepreneurship in the state, covering eight million women, mostly from the underprivileged segment of the society.

The government needs to be more proactive in terms of providing on issues like issuance of trade licences, shop and establishment registration and other compliance processes, the report by the Association of MFIs in India, West Bengal Chapter, said.

It also said AMFI in West Bengal directly employs around 37,000 people, a bulk of them from the low-income families with limited educational qualifications.

As on September 2021, the total loan portfolio in entire eastern India stood at Rs 2,25,331 crore, a growth of 1.4 per cent year-on-year.

The MFI sector showed tremendous resilience during the two years of the COVID-19 pandemic wherein it helped borrowers by offering flexible payment options as well as supporting the vulnerable groups, the report added.