The microfinance industry bucked the pervading gloom growing by 61 per cent in 2014-15 and is expecting to register the same growth this fiscal.
The microfinance industry bucked the pervading gloom growing by 61 per cent in 2014-15 and is expecting to register the same growth this fiscal.
For the third quarter this fiscal the industry grew 48 per cent and the average loan disbursed was Rs 17,917 as compared to Rs 14,409 of the third quarter of the last fiscal year. The customers run shops, beauty parlours, sewing and computer centres, and many of them are successful entrepreneurs. Loans given range from Rs 35,000 to Rs 1 lakh for joint liability groups, said Ratna Vishwanathan, chief executive officer, MFIN, who released the edition of Micrometer report for the microfinance industry. Microfinance Institutions Network (MFIN), the Self-Regulatory Organisation represents 55 big players, who control 90 per cent of this sector. It is the self-regulatory organisation of NBFC MFIs. She said “The number of beneficiaries of MFIs stands at 2.88 crore this quarter and insurance to over 2.81 crore clients with sum insured of Rs 42,681 crore.”
“Overall the industry has witnessed a healthy growth in the last one year. MFIs have been able to increase their outreach with the increase in number of branches,” she said.
