CHENNAI: The microfinance sector registered a growth of 21% to Rs 3,51,521 crore in FY23 as compared to Rs 2,89,845 crore in the previous year.
a quarterly report by Sa-dhana union of impact finance institutions, which includes MFIs for the last quarter of FY23, shows that there has been a massive growth in all types of microfinance players during the year. Barring banks (apart from SFBs), all other types of institutions registered double digit growth NBFC registered a growth of 49% and NBFC MFIs by 37%. Non-profits and SFBs (Small Finance Banks) have registered significant growth of 25% and 19% respectively. Banks registered only 3% growth in portfolio during the year, it adds.
Total disbursements to all lenders during FY23 stood at Rs 3,19,948 crore as against Rs 2,53,966 crore in FY 2021-22. The report states that disbursements have registered a growth of 26% as compared to FY22. Among lenders, NBFC-MFIs have disbursed maximum Rs 1,24,063 crore, followed by banks with Rs 1,16,402 crore during FY 22-23. Also, for YoY growth, NBFCs have registered the highest growth in disbursements (59%), followed by NBFC-MFIs (48%), SFBs (18%), NFPs (18%) and Banks, respectively. (7%) are.
The number of loan accounts for the microfinance industry grew from 1,239 lakh in FY 21-22 to 1,363 lakh in FY 22-23, registering an annual growth of 10%, while lender-wise data showed that NBFCs contributed the highest registered annual growth (23%). ), followed by NBFC-MFIs (15%), NFPs (6%), Banks (6%) and SFBs (5%) respectively.
According to jiji mamenED & CEO, Sa-Dhan The microfinance sector has shown significant performance during the last financial year. “The overall development shows that the industry has completely come out of the Covid blues and is on the growth path. The new regulatory norms have created a level-playing field and this is reflected in the growth of the portfolio of NBFCs and NBFC MFIs “
a quarterly report by Sa-dhana union of impact finance institutions, which includes MFIs for the last quarter of FY23, shows that there has been a massive growth in all types of microfinance players during the year. Barring banks (apart from SFBs), all other types of institutions registered double digit growth NBFC registered a growth of 49% and NBFC MFIs by 37%. Non-profits and SFBs (Small Finance Banks) have registered significant growth of 25% and 19% respectively. Banks registered only 3% growth in portfolio during the year, it adds.
Total disbursements to all lenders during FY23 stood at Rs 3,19,948 crore as against Rs 2,53,966 crore in FY 2021-22. The report states that disbursements have registered a growth of 26% as compared to FY22. Among lenders, NBFC-MFIs have disbursed maximum Rs 1,24,063 crore, followed by banks with Rs 1,16,402 crore during FY 22-23. Also, for YoY growth, NBFCs have registered the highest growth in disbursements (59%), followed by NBFC-MFIs (48%), SFBs (18%), NFPs (18%) and Banks, respectively. (7%) are.
The number of loan accounts for the microfinance industry grew from 1,239 lakh in FY 21-22 to 1,363 lakh in FY 22-23, registering an annual growth of 10%, while lender-wise data showed that NBFCs contributed the highest registered annual growth (23%). ), followed by NBFC-MFIs (15%), NFPs (6%), Banks (6%) and SFBs (5%) respectively.
According to jiji mamenED & CEO, Sa-Dhan The microfinance sector has shown significant performance during the last financial year. “The overall development shows that the industry has completely come out of the Covid blues and is on the growth path. The new regulatory norms have created a level-playing field and this is reflected in the growth of the portfolio of NBFCs and NBFC MFIs “