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The aggregate gross loan portfolio of Microfinance Institutions (MFIs) has grown by 47 per cent Rs 28,800 crore in the second quarter ended September 30, 2014, compared to the year-ago period.
The non-performing portfolio of Andhra Pradesh and Telangana was not included in this.
As per the data released by the Microfinance Institutions Network (MFIN) in its MicroMeter, over 27.9 million clients were provided micro credit during the period under study marking an increase of 23 per cent. Funding to MFIs also grew 172 per cent.
“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 Government of India and the RBI,” Alok Prasad, Chief Executive Officer, MFIN, said in a release.
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