During the second quarter, total number of loans disbursed by MFIs grew by 35% while average loan amount disbursed per account crossed the Rs15,000 mark
During the September quarter, funding for micro finance institutions (MFIs) grew 172% compared with same quarter last year, while the aggregate gross loan portfolio rose 47% to Rs288.1 billion, says a report.
According to MicroMeter, a comprehensive data compilation published by Micro Finance Institutions Network (MFIN), as on 30th September MFIs provided microcredit to over 27.9 million clients, an increase of 23% over Q2 FY13-14.
Alok Prasad, chief executive of MFIN, said, "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 Indian government and the Reserve Bank of India (RBI)".
Some of the key highlights of the MicroMeter report include:
As of 30 September 2014, MFIs provided microcredit to over 27.9 million clients, an increase of 23% over Q2 FY13-14
The aggregate gross loan portfolio (GLP) of MFIs stood at Rs288.1 billion (excluding non-performing portfolio i.e. PAR > 180 days in Andhra Pradesh which is close to Rs29 billion). This represents a year on year growth of 47% over Q2 FY13-14.
Disbursements (loan amount) in Q2 FY14-15 increased by 61% compared to Q2 FY13-14
Total number of loans disbursed by MFIs grew by 35% in Q2 FY14-15 compared with Q2 FY13-14
Funding to MFIs (in Q2 FY14-15) grew by 172% compared with Q2 FY13-14. Funding to group of large MFIs (GLP > Rs5 billion) increased by 187%
Portfolio at Risk (PAR) figures (PAR 30, 90, 180) remained under 1% for Q2 FY14-15
Average loan amount disbursed per account crossed the Rs15,000 mark during this quarter to reach at Rs15,858
MFIs now cover 32 states/union territories
MFIs' coverage is now geographically well dispersed with GLP in south at 32%, east at 27%, north at 21% and west at 20%.
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