Microfinance industry grew 429 in Q1FY20

first_imgNew Delhi: The microfinance industry witnessed a 42.9 per cent growth in first quarter of 2019-20 over the corresponding period last year with the total loan portfolio at Rs 1,90,684 crore as on June 30, 2019, Microfinance Institutions Network (MFIN) said in a report. The total number of microfinance loan accounts stood at 9.27 crore in April-June quarter of financial year 2019-20 (as on June 30, 2019) as compared to 6.68 crore accounts in April-June quarter of financial year 2018-19, MFIN, a RBI recognised self-regulatory organisation and industry association of the microfinance industry in India, said in its 30th issue of its Micrometer report. “The entire microfinance industry has witnessed a growth of 42.9 per cent in Q1 FY 2019-20 over Q1 FY 2018-19 with the total loan portfolio (GLP) at Rs 1,90,684 crore as on June 30, 2019,” it said. As per the report, banks hold the largest share of portfolio in micro-credit with total loan outstanding of Rs 78,060 crore, which is 40.9 per cent of the total micro-credit universe.last_img