Wednesday, June 14, 2023

NBFCs' expansion in microloans outpaces banks'

 MUMBAI: The microfinance industry (MFI) has grown by 22% in the first year of the new regulatory framework for microlending, indicating that the new standards are working. Non-bank finance companies (NBFCs) have grown more quickly than banks or small finance banks in terms of MFI loans.

As of March 31, the microfinance industry had reached Rs 3,48,339 crore, representing a 22 percent year-over-year increase, according to the Micrometer report by MFIN, an association of microloan providers. NBFC-MFIs recaptured their situation as the biggest microfinance supplier, holding a 39. 7% share.

6 were served by the microfinance industry. 6 crore special borrowers through 13 crore credit accounts, with a complete gross credit portfolio (GLP) of Rs 3,48,339 crore. The GLP increased by 22% year over year.

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