Mumbai: The microfinance industry has witnessed an 84 per cent year-on-year growth in aggregate gross loan portfolio (GLP) in the second quarter of this financial year at Rs 57,941 crore, as compared to Rs 31,551 crore in Q2 FY15-16, an increase of 11 per cent in the aggregate GLP from the last quarter, according to the recently released quarterly report by Microfinance Institutions Network (MFIN)
The total loan disbursements of the microfinance industry grew by 20 per cent in Q2 FY2016-17 over the last year. Loan amount disbursed in Q2 FY 16-17 increased by 50 per cent compared to Q2 FY 15-16 reaching to Rs 18,995 cr.
As of September 2016, MFIs provided microcredit to over 3.3 crore clients, an increase of 54 per cent over Q2 FY 15-16 according to the 19th edition of the ‘Micrometer Report’ for Q2 FY16-17.
Ms Ratna Vishwanathan, chief executive officer, MFIN, said it is important to note that numbers for Q2 FY16-17 shows NPAs still at under 1 per cent and the loan recovery rate is well above 99 per cent.
“Post November 8 the ground situation has undergone a certain change and the impact will be felt for the subsequent quarter,” she said MFIs indirectly provide life insurance to over 4.3 crore clients with total sum insured of over Rs 100,000 crore.
They also indirectly facilitate over 23 lakh pension accounts. Tamil Nadu, Karnataka, Maharashtra, Uttar Pradesh and Madhya Pradesh account for 54 per cent of the total GLP in the country, with Karnataka having the largest share.
During Q2 FY 16-17, MFIs disbursed 88.48 lakh loans worth Rs 18,955 crore.
The average loan amount disbursed per account last year was Rs 21,469 which represents a growth of 25 per cent over Q2 FY 15-16.
