The aggregate gross loan portfolio of microfinance institutions (MFIs) grew 47 per cent to Rs 28,810 crore in the second quarter ended on September 30, 2014 against the same period a year ago, according to data compiled by industry body Microfinance Institutions Network (MFIN).
According to the data released by MFIN, MFIs provided microcredit to over 27.9 million clients as on September 30, an increase of 23 per cent over the same period in the previous fiscal.
While disbursements (loan amounts) in three months period rose by 61 per cent, total number of loans disbursed by MFIs increased by 35 per cent over the same period in the previous financial year. Average loan amount disbursed per account crossed the Rs 15,000 mark during this quarter to reach at Rs 15,858, the statement said.
During the quarter, funding to the industry rose by 172 per cent over the year-ago period.
“My sense is that the current fiscal will not merely push the industry numbers to historic highs but strongly demonstrate what the industry is capable of, particularly in the overall context of financial inclusion agenda of the Government of India and the RBI,” Alok Prasad, CEO of MFIN, said.
MFIs now cover 32 states/union territories and geographically the gross loan portfolio in south stands at 32 per cent, east at 27 per cent, north at 21 per cent and west at 20 per cent.
MFIN industry data is based on data compiled from 48 non-banking finance companies, which are members of MFIN and constitute around 85 per cent of the microfinance business in the country (excluding SHGs).
(Edited by Joby Puthuparampil Johnson)