India’s microfinance industry is set to cross Rs 1 lakh crore loan portfolio during September quarter of the ongoing financial year, according to a report.
The industry witnessed 9 per cent quarter-on-quarter growth in its gross loan portfolio (GLP) to Rs 98,107 crore during April-June 2019-20, said the report by the industry’s self regulatory organisation Sa-Dhan. The data is based on the information provided by 200 microfinance institutions (MFIs).
“FY 2019-20 has started on a positive note for the microfinance industry. The industry is set to cross the landmark figure of Rs 1,00,000 crore GLP by Q2 of the current fiscal,” said P Satish, Executive Director - Sa-Dhan.
Satish said the MFI industry plays a pivotal role in serving the underserved and unserved sections of the population and it will play a key role in financial inclusion and taking many Government schemes to the last mile.