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Submitted URL:
http://sendntrack.com.au/sendy/l/mZTfzEb8hpLYmnHDTVLhtw/DJQb1QbYOmYO7PY5u3aFGw/wZPYd3LwpAI7D9ArQw7o8w
Effective URL:
https://www.ibef.org/news/microfinance-loans-grow-21-3-yoy-to-us-42-36-billion-rs-3-5-trillion-in-fy23-says-report
Submission: On May 31 via manual (May 31st 2023, 7:04:52 am UTC) from IN — Scanned from AU

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INDIAN ECONOMY NEWS




MICROFINANCE LOANS GROW 21.3% YOY TO US$ 42.36 BILLION (RS. 3.5 TRILLION) IN
FY23, SAYS REPORT

 * IBEF
 * May 30, 2023

Microfinance loans in India increased 21.3% year-on-year (YoY) at US$ 42.36
billion (Rs. 3.5 trillion) in FY23, backed by revised regulatory norms and
higher demand.

Asset quality profile improved with loans due in more than 90 days dipping to
1.06% in March from 2.43% a year ago, according to industry group Sa-Dhan.

Numbers suggest that the microfinance industry has come out of the impact of
Covid-19 and is on a growth path, said Mr. Jiji Mammen, Executive Director and
Chief Executive Officer at Sa-Dhan.

New regulatory norms have created a level-playing field and it is reflected in
the growth of the portfolio of non-banking finance companies and NBFC
(Non-Banking Financial Companies) working as micro finance institutions
(NBFC-MFIs).

The NBFC MFI group posted 37% YoY growth in portfolio at US$ 16.83 billion (Rs.
1.39 trillion). Small finance banks posted a 19.03% growth at US$ 7.07 billion
(Rs. 58,431 crore) of lending book. The NBFC group recorded 49% YoY growth at
US$ 3.6 billion (Rs. 29,664 crore) at the end of March 2023. Banks recorded
paltry 3.22% growth in portfolio at US$ 14.5 billion (Rs. 1.2 trillion).

The microfinance industry’s number of loan accounts increased 10% YoY to 13.6
million in FY23, from 12.39 million in FY22. Lender wise figures show NBFCs
registered the highest y-o-y growth (23%), followed by NBFC-MFIs (15%), banks
(6%), and SFBs (5%) respectively, Sa-dhan said.

Disclaimer: This information has been collected through secondary research and
IBEF is not responsible for any errors in the same.

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