PANAJI: The organized microfinance industry in the country has grown by 29% through loan disbursements in the April-June period, according to the Microfinance Institutions Network (MFIN).
“The microfinance industry has seen a substantial growth over the last one year. With the increase in number of branches, MFIs have been able to increase their outreach thus expanding their beneficiary base. Total number of loans disbursed has also seen an increase of 29% which significantly contributed to the expansion of the sector. Overall, the growth has been healthy and it is an indicator of the fact that confidence in the sector has been growing and there is an evident interest in greater investments in NBFC MFIs,” chief executive officer of MFIN Ratna Vishwanathan said.
MFIN is a self-regulatory organization of the non-banking financial companies that are regulated by the Reserve Bank of India.
In its 18th edition of the ‘Micrometer Report’ for the first quarter of 2016-17, MFIN observed that the microfinance industry has experienced a growth of 89% since the first quarter of 2015-16 and has grown by 9% over the last quarter.
The aggregate gross loan portfolio of MFIs stood at Rs 60,165 crore in the first quarter of the current financial year as compared to Rs 31,869 crore of the corresponding period in FY15-16.
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