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The aggregate gross loan portfolio of microfinance institutions (MFIs) grew 54 per cent in the second quarter ended September 30, 2013 compared with the same period last year.
As per the data released by the Microfinance Institutions Network (MFIN) in its seventh issue of MicroMeter on the status of the Indian microfinance industry, over 90 per cent of MFIs (other than those under corporate debt restructuring) showed positive growth.
Funding to industry during the quarter under review increased 300 per cent compared sequentially with the first quarter of this financial year. MFIs received total debt funding of Rs 3,780 crore, out of which 86 per cent came from banks and the rest from other financial institutions.
Commenting on the industry performance, Alok Prasad, CEO, MFIN, said: “It is heartening to see the high growth rate of MFIs in the hitherto under-penetrated States such as Uttarakhand, Rajasthan, Punjab and UP. The microfinance industry’s contribution to promoting access to finance and micro-entrepreneurship is clearly a very good news for the larger national agenda of inclusive growth.”
The analysis was based on data collected from 42 MFIs which on an aggregated basis constitutes around 85 pc of the microfinance business in the country (excluding SHGs).
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