Micro finance industry's gross loan portfolio up 35% in FY14
May 30 2014 , Mumbai
The data was collected by Microfinance Institutions Network (MFIN), an association for the micro finance industry which has 46 NBFC-MFIs as its members.
The report said NBFC-MFIs, other than those under corporate debt restructuring (CDR) witnessed a growth of 51 per cent in their gross loan portfolio.
"The micro-finance industry has stabilised and grew by a healthy 35 per cent. MFIN has implemented responsible lending by strictly ensuring the RBI's on extension of credit," the association's president Samit Ghosh said.
Medium size NBFC-MFIs with GLP greater than Rs 100-500 crore registered highest growth of 57 per cent over FY'13.
Loan disbursals rose 48 per cent to Rs 34,968 crore as compared to FY'13.
As of March 31, aggregate clients of NBFC-MFIs stood at 2.8 crore, up 20 per cent over FY'13.
During the reporting period, average loan amount disbursed per account was Rs 14,343, an increase of 12 per cent over the previous fiscal year.
NBFC-MFIs received total debt funding Rs 15,030 crore, 79 per cent from the banks and rest from other financial institutions (FIs).
In FY'13, total debt funding stood Rs 10,115 crore, out of which 85 per cent came from the banks.