Micro Finance portfolio swells by 10% in FY22 to reach Rs. 2.85 Trillion: MFIN

New Delhi, June 15 (KNN) As compared to March 2021, the gross loan portfolio (GLP) of the microfinance sector in India grew by 10 per cent to Rs 2.85 trillion as on March 31, 2022.

The GLP a year ago was at Rs 2.59 trillion, according to data by Microfinance Institutions Network (MFIN).

In comparison Rs 2.56 trillion on December 31, 2021, the GLP increased a little more than 11 per cent.

Highlighting the progress of the microfinance industry during Q4FY22, Alok Misra, Chief Executive & Director, MFIN said, building on the momentum created in the third quarter ended December 2021.

The loans accounts rose from 108.3 million in March 2021 to 113.1 million in March 2022, while the number of unique borrowers served by the industry declined to 58 million in March 2022 from 59.3 million a year ago.

Reflecting on the harmonised regulations for microfinance, near normalisation of collection efficiency and Supreme Court’s verdict clearly stating that NBFC regulation is the sole purview of the RBI, Misra said these are hugely positive trends and it will support good growth in FY23.

The loan portfolio of non-banking finance companies working as MFIs (NBFC-MFIs) expanded by 19.4 per cent to Rs 96,561 crore at the end of March 2022 from Rs 80,906 crore as on March 31, 2021.  (KNN Bureau)