Microfinance loan portfolio stands at Rs 3.76 lakh cr at end of FY’24 Q2: Industry body

Kolkata: Microfinance mortgage portfolio on the finish of the second quarter of the present monetary 12 months stood at Rs 3.76 lakh crore, serving 7.1 crore debtors, an trade physique report stated. In keeping with the report ready by Microfinance Establishments Community (MFIN), a self-regulatory physique of the NBFC-MFIs, microloan disbursals throughout the July-September quarter of 2023-24 touched Rs 76,054 crore, as in comparison with Rs 71,916 crore in the identical interval of the earlier monetary 12 months.

Gross mortgage portfolio (GLP) of the microfinance trade stood at Rs 3.76 lakh crore, reflecting an increase of 25 per cent over the year-ago interval, the report stated.

NBFC-MFIs totalling 91 are the biggest supplier of microfinance, adopted by banks, small finance banks and non-banking monetary establishments.

By way of regional distribution of GLP, the east, the northeast and the south account for 63 per cent of the overall portfolio, the report stated.

Among the many NBFC-MFI members of MFIN, belongings underneath administration (AUM) stood at Rs 1,33,963 crore on the finish of the second quarter, registering a year-on-year progress of 39.2 per cent, it stated.

The common mortgage quantity disbursed throughout the second quarter of the present fiscal was Rs 41,373, which is 0.4 per cent decrease than the same earlier interval. Through the second quarter of 2023-24, NBFC-MFIs acquired Rs 26,503 crore of debt funding, and Rs 28,138 crore of fairness funding.

MFIN CEO and director Alok Misra stated that MFIs proceed to contribute to the monetary inclusion panorama by including 1.9 crore accounts underneath their fold.