Delinquency rate of MFIs falls 20% in Apr-Oct

Mumbai | Updated: Jan 7 2014, 21:24pm hrs
Credit information company ECIS said on Monday the delinquency rate of micro-finance institutions (MFIs) has declined by 20% between April and October 2013.

"Delinquency rate by the number of accounts that are more than 30 days outstanding has declined 20% from 1% in April to 0.8% in October 2013," Equifax Credit Information Services (ECIS) said in a report. Earlier this year, ECIS had reported that delinquency by number of accounts that are more than 30 days due had declined by more than 33% from more than 1.5% in mid-2012 to around 1 per cent in April 2013.

We are working extensively with them to increase the usage of the other solutions we offer from our end-to-end suite of MFI products," its managing director and chief executive Sanjay Patel said.

ECIS is a joint venture between Equifax of the US, SBI, BoB, Bank of India, Union Bank of India, Kotak Mahindra Prime, Religare Finvest and Sundaram Finance and has over 120 MFIs as its members in the country.