Microfinance Institutions Network releases Q2FY20 report

Chennai: Microfinance Institutions Network (MFIN), an RBI recognized self-regulatory organization and industry association of the microfinance industry in India, released its 31st issue of its Micrometer report for July-September 2019.

The data in the report reveals that access to microfinance is rising at a healthy pace, nationally and increasing number of small borrowers across the country are paying back their dues on time.

It noted that an estimated 1.83 CR unique borrowers have been added which is an average of 0.73 CR per year (CAGR of 16.87 per cent). As on 30 September, the microfinance industry serves 5.46 CR unique borrowers through 9.79 CR loan accounts.

CEO, MFIN Harsh Srivastava said, “It is heartening that in the last thirty months, an additional 18.3 million women have taken microfinance loans. This growth in unique borrowers is an endorsement of the unstinted trust that small borrowers have reposed on all RBI-regulated microfinance institutions. This is also seen in the strong track record of repayment that microfinance continues to demonstrate.”

NT Bureau