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Microfinance In India Shows 60% Growth
After years of subdued growth, the Indian microfinance (MFI) industry is showing more than 60% growth and reached Rs 54,329 crore in 2015-16 compared to the previous year. This is stated in a report prepared by Sa-Dhan, the self regulatory organisation of MFIs.
The MFI client base expanded by 2.8 million in the year, taking the total number of clients to 39.9 million, said the report. This growth was despite the fact that Bandhan, which was the largest MFI, moved out of the space to become a full fledged bank.
The top 10 MFIs classified as non-banking financial companies (NBFCs) accounted for about 80% of the total gross loan value, the report said. They include Janalakshmi Financial Services Ltd, Ujjivan Financial Services Ltd and SKS Microfinance Ltd.