26 percent growth in microfinance industry in December quarter

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Mumbai: In the December quarter, the microfinance industry has grown by 26 percent year-on-year to reach Rs 3.24 lakh crore. The growth in the microfinance industry has been witnessed with Non-Banking Finance Companies-Micro Finance Institutions (NBFCs-MFIs) supporting a growth of 43.40 percent.

According to a report, the market share of NBFCs-MFIs has increased to 38.50 percent in the microfinance industry.

NBFCs-MFIs have overtaken banks in providing credit to economically weaker sections. The share of banks in the micro credit market is 35.70 percent.

In the December quarter, a year-on-year growth of 9.20 percent has been seen in the lending of banks in micro credit.

The December quarter has been strong in terms of microcredit due to the festive season and momentum in the economy.

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