New Delhi: Microfinance industry has witnessed 29 per cent growth in loan disbursements during the first quarter of 2016-17, a report says.
The Microfinance Institutions Network's (MFIN) report also said that the microfinance industry has experienced a growth of 89 per cent since first quarter of 2015-16.
MFIN is the first Self-Regulatory Organisation (SRO) in the financial services sector recognized by the RBI and regulates NBFC-MFIs to ensure responsible lending and client protection.
"The aggregate Gross Loan Portfolio (GLP) of MFIs stood at Rs 60,165 crore in first quarter of 2016-17 as compared to Rs 31,869 crore in first quarter of 2015-16," it said.
South India leads the way with 35 per cent share in GLP followed by North (India) at 25 per cent and West (India) at 24 per cent and East (India) contributing 16 per cent.
As per the report, the industry witnessed a y-o-y increase of 48 per cent in client base where MFIs provided micro credit to 3.58 crore clients.
"With the increase in number of branches, MFIs have been able to increase their outreach thus expanding their beneficiary base. Total number of loans disbursed has also seen an increase of 29 per cent which significantly contributed to the expansion of the sector," said Ratna Vishwanathan, Chief Executive Officer, MFIN.
The employee base has grown 43 percent and the NBFC-MFIs now employ 98,287 employees.
The branch network has increased by 28 percent in last one year and now stands at 10,458, MFIN said.