Micro Loans Grow 20% In December Quarter
The coronavirus pandemic had impacted the microfinance sector as field agents were unable to visit borrowers.
The gross micro loans portfolio grew 20% to Rs 3.16 lakh crore in the quarter ended December 2022 as compared to the year-ago period, a report said on Friday.
The gross loan portfolio growth came at 5.5% when compared to the September quarter, according to the report by credit information company Crif High Mark.
Delinquencies of advances overdue for over 90 days by value declined 1.7% while as a percentage of overall advances, it was at 2% at the end of December 2022 as against 2.7% in the year-ago period.
The coronavirus pandemic had impacted the microfinance sector as field agents were unable to visit borrowers to extend loans and also ensure timely repayments.
The report said that non-bank finance companies continue to dominate the market with a 35.7% share, followed by banks at 33.5% and small finance banks at 16.9%.