A year-on-year growth of 43 percent was registered by non-banking finance company-microfinance institutions in the third quarter of this fiscal, a report said. The report was released by Microfinance Institutions Network, the first RBI appointed Self-Regulatory Organisation (SRO) for NBFC-MFIs and an industry association. In comparison to the gross loan portfolio of last year that stood at Rs 29,800 crore, Rs 42,701 crore was recorded in Q3 of this financial year.
There was an increase of 19 percent to 2.37 crore in the total number of clients while Q3 FY 2016-17 had a client base of 1.98 crore.
NBFC-MFI industry contributed around 33 percent of the total microfinance industry portfolio with a share of Rs 39,916 crore as loan outstanding in the Q3 of the present fiscal year. Non-profit microfinance institutions and microfinance institutions contributed 8 percent and 1 percent to the total microcredit universe in the third quarter of the ongoing fiscal.
The disbursed loan amount during Q3 FY 2017-18 saw an increase of 98 percent year-on-year at Rs 15,035 crore in comparison to Rs 7,583 in Q3 2016-17, the report said.
Average loan amount disbursed per account has also saw a surge of 23 percent in third quarter of FY 2017-18 over the corresponding quarter of the last year and was Rs 22,388
In 2016, one of the best years for microfinance institutions, the industry posted a growth rate of 60 percent year-on-year pegging at Rs 63,853 crore,a report said.