28 C
Guwahati
Monday, May 20, 2024

MFI sector portfolio up 21pc in FY’23

- Advertisement -
- Advertisement -

KOLKATA, May 30 (PTI): Portfolio size of the microfinance institutions increased by 21.3 per cent to Rs 3.51 lakh crore in the 2022-23 financial year, an industry body said on Tuesday.

The portfolio of all microlenders was Rs 2.89 lakh crore by the end of the 2021-22 fiscal.

- Advertisement -

The number of loan accounts in the MFI industry increased to 1,363 lahks in the last financial year from 1,239 lakhs in the previous year, posting a 10 per cent growth, it said.

RBI-recognised self-regulatory organisation, Sa-Dhan ED and CEO Jiji Mammen said the overall growth suggests that the industry has come out of the Covid blues and is now on the growth path.

The new regulatory norms have also created “a level-playing field” as reflected in the growth of portfolios of non-banking finance companies and NBFC-MFIs, he said.

The total disbursements of all the MFI lenders in the last financial year stood at Rs 3, 19,948 crore, registering a 26 per cent growth from Rs 2,53,966 crore of advances in the previous year, the association said.

- Advertisement -

The NBFC-MFIs have disbursed Rs 1, 24, 063 crore, followed by banks at Rs 1,16,402 crore in the last financial year, it said.

Regarding portfolio quality, Mammen said there has been a significant improvement measured in terms of the portfolio at risk (PAR).

This had improved to 2.16 per cent in March 2023 from 5.27 per cent in the year-ago month.

The states of Bihar, Tamil Nadu, Uttar Pradesh, West Bengal and Karnataka are the top five states, accounting for 55 per cent of the total portfolio of the industry, Mammen added.

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
7 Must Visit Destinations In The Seven Sisters Of India 5 Rice Dishes For Summers From South India Must Visiting Places In Northeast India 5 Lighthouses That You Must Visit In India Top 10 Medical Colleges In India