The aggregate gross loan portfolio (GLP) of microfinance institutions (MFIs) grew 51 per cent to Rs 31,450 crore in the third quarter ended on December 31, 2014 against the same period a year ago, according to data compiled by industry body Micro Finance Institutions Network (MFIN).
According to the data released by MFIN, MFIs provided micro-credit to over 28.7 million clients as on Dec 31, 2014, an increase of 23 per cent over the same period in the previous fiscal.
While disbursements (loan amount) in three months period rose 46 per cent to Rs 13,260 crore, total number of loans disbursed by MFIs increased 33 per cent to 8.2 million over the same period in the previous financial year. Average loan amount disbursed per account is now Rs 16,194, the statement said.
During the quarter, funding to the industry rose by 162 per cent over the year-ago period.
Bandhan remained, by far, the top industry player with SKS coming in as the second largest by loan portfolio. SKS is closely followed by Janalakshmi and Ujjivan.
“What we are witnessing is the sustained revival of the microfinance industry – which augurs well for the national financial inclusion agenda. Given the current trend lines, I am confident that the industry will grow by over 40 per cent in GLP terms, this fiscal,” said Alok Prasad, CEO, MFIN.
MFIs now cover 32 states/union territories and geographically, GLP in South & East stood at 29 per cent each and North & West at 21 per cent each.
MFIN industry data is based on data compiled from 47 non-banking finance companies, which are members of MFIN and constitute around 85 per cent of the microfinance business in the country (excluding SHGs).