The micro-finance industry saw a 38 per cent growth in its gross loan portfolio at Rs 1.87 lakh crore in the 2018-19 fiscal, says a report.
Gross loan portfolio of the sector was Rs 1.35 lakh crore in FY2017-18.
Total number of micro-finance accounts stood at 9.33 crore as on March 31, 2019, registering a growth of 21.9 per cent over FY18, according to a report launched by Microfinance Institutions Networks (MFIN).
MFIN, an RBI recognised self-regulatory organisation and industry association, constitutes 53 NBFC-MFIs as members.
The members collectively disbursed 3.25 crore loans worth Rs 82,928 crore in FY19.
“In 2018-19, microfinance industry showed its resilience by growing steadily in spite of liquidity squeeze that all NBFCs faced in the third quarter and natural disasters like cyclones and drought,” MFIN’s chief executive officer Harsh Shrivastava said.
NBFC-MFIs hold the largest share of portfolio in micro-credit with total loan outstanding of Rs 68,868 crore, which is 36.8 per cent of total micro-credit universe.