 "CreditAccess Grameen shares soar 10% on Jan 2 on heavy volume")
CreditAccess Grameen share price today soared 9.6 per cent on the National Stock Exchange (NSE). CreditAccess shares hit an intraday high of Rs 977 per share, rising by Rs 86.1 during the day.
At 1:40 PM, CreditAccess Grameen shares were up 8.27 per cent as against a 1.6-per cent rise in the benchmark Nifty50 index.
Nearly 8.2 million shares had changed, cumulatively, changed hands on the NSE and BSE till the time of writing this report.
Other microfinance lenders, too, were in the spotlight today. Spandana Sphoorty share price gained 3.6 per cent intraday today; Equitas Small Finance Bank 2.2 per cent; IndusInd Bank 1.9 per cent; and Ujjivan Small Finance Bank 1 per cent.
The rally in microfinance lenders' shares came after reports suggested that the MicroFinance Institute Network (MFIN) has decided to delay the implementation of limiting the number of lenders to three per borrower by three months.
The new timeline to implement these rules will now be April 1, 2025, reports said.
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Business Standard couldn’t verify these reports.
Meanwhile, in November 2024, MFIN had proposed to reduce the number of micro-lenders per loan account from the existing four to three.
It has also, already, proposed to cap the total indebtedness or outstanding loan amount of a microfinance customer at Rs 2 lakh, including both microfinance loans and unsecured retail loans.
At present, MFIs do not lend to clients with overdue payments of more than 90 days and an outstanding amount exceeding Rs 3,000. New rules propose that MFIs shall not lend to delinquent clients with overdue payments of more than 60 days and an outstanding amount exceeding Rs 3,000.
CreditAccess Grameen is a microfinance institution, offering affordable financial products and services. It provides an array of financial and non- financial products including unsecured business loans, mortgage-backed business loans, two-wheeler loans, gold loans, affordable housing loans, wage loss insurance, life insurance, and AEPS-enabled cash withdrawal facility to the microfinance model.