NBFC microfinance institutions posted more than 50 per cent growth in gross loan portfolio at Rs 51,878 crore in April-June compared to the same period of last year, industry body Microfinance Institutions Network (MFIN) said today.
The Gross Loan Portfolio (GLP) Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs), excluding Business Correspondent portfolio stood at Rs 47,650 crore, the MFIN, which is the self-regulatory organisation (SRO) for the microfinance industry, said in a release.
During the first quarter of the fiscal, NBFC-MFIs disbursed 76 lakh loans worth Rs 17,836 crore witnessing a growth of 36 per cent in number of loans disbursed and 52 per cent in loan amount disbursed.
Overall microfinance industry has grown by 39 per cent year-on-year in April-June quarter of the fiscal and total size of the microfinance industry stands at Rs 1,48,097 crore, the MFIN said.
"Microfinance industry has gained pace, showcasing promising growth in the past quarters. As we see more new players entering the space and the current ones growing larger realizing their IPO plans, the coming period will mark a new chapter for the sector," said CEO of MFIN Harsh Shrivastava.
Cashless disbursements by NBFC-MFIs now account for 87 per cent of the total disbursements.
In the quarter a total Rs 11,404 crore was disbursed in cash-less mode leading to cash-less disbursements in over 42 lakh loan accounts.
In terms of regional distribution of portfolio (GLP), MFIN said east and north-east parts of the country accounted for 35 per cent of the total NBFC-MFI portfolio.
The south accounted for 26 per cent, north 15 per cent, west 14 per cent and central India contributed 10 per cent.
Karnataka, Odisha, Bihar, Uttar Pradesh and Tamil Nadu are the top five states in terms of loan amount outstanding, accounting for 53 per cent of total GLP of NBFC-MFI segment.
In terms of geographic categorisation, 66 per cent of the portfolio for NBFC-MFIs is rural and 34 per cent is urban.
Current membership/associates of MFIN consists of 48 leading NBFC-MFIs.
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