Microfinance industry clocks over 50 pc growth in Q2

New Delhi: Microfinance industry recorded a growth of 51 per cent year-on-year in the second quarter of 2018-19 with total Gross Loan Portfolio (GLP) standing at Rs 1,46,741 crore, said a report on Monday.
Of the total, Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs) accounted for significant chunk.
While the total number of active microfinance accounts for the overall industry was at 7.77 crore with a growth of 27 per cent, NBFC-MFIs witnessed a growth of 32.9 per cent with 3.43 crore accounts in the period, said the report by Microfinance Institutions Network. As of September 30, 2018, NBFC-MFIs held largest share of portfolio in micro-credit with total loan outstanding of Rs 54,018 crore or 37 per cent of total micro-credit universe. Banks were the second largest provider of micro-credit with a loan amount outstanding of Rs 48,200 crore (33 per cent). (PTI)