In the September quarter, micro finance loans grew by 11 percent to Rs. 71,916 crores

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MUMBAI: Micro-finance loans in the country increased by nearly 11 percent in the second quarter of the current financial year to Rs. 71,916 crores, which is Rs. 64,899 crores. According to the 'Skhainsh Micrometer' report of the 'Microfinance Institutions Network' (Skhainsh), a total of 1.81 crore loans were disbursed in the second quarter of the financial year 2022-23, which was 1.85 crore in the same period of 2021-22.

According to the report, the current total gross loan portfolio of the micro finance sector as on September 30, 2022 was Rs. 3,00,974 crore, which is Rs. 2,43,737 crore which is 23.5 percent higher than Rs. These loans were disbursed to 6.2 crore borrowers in 12 crore loan accounts.

The maximum share of micro loan disbursement is 37.7 percent with 13 banks which disbursed loans worth Rs 1,13,565 crore. In second place are non-banking finance companies and micro finance institutions, which gave loans of Rs 1,10,418 crore, which is 36.7 percent of the total loans. Total loan allocation to Small Finance Banks is Rs. 50,029 crore which is 16.6 percent of the total loan.

The average loan issued per account during the quarter under review was Rs. 40,571, which was 12 percent higher on a year-on-year basis. In the 12 months ended September 30, active loan accounts of microfinance increased by 14.2 percent to 12 crores.

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