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India microfinance records 30% growth: State of the Sector report

Microfinance Focus, Oct. 26, 2009: India’s Microfinance institutions reached 76.6 million against last year’s 59 million, according to the “State of the Sector Report” released on Monday in New Delhi.

Compiled by N. Srinivasan, the report was released as part of the annual Microfinance India Summit 2009 at Hotel Taj on Monday morning.

  • Some quick highlights of the report are:MFI’s have recorded about 8.5 million clients during the year 2008-09, a growth of 60% over the previous year.
  • More than 50 percent of low income households are covered by some form of microfinance product.
  • The total outstanding microfinance loans posted a growth rate of 30% or 359.39 billion over the last year’s level of Rs 229.54 billion.
  • The overall coverage of the sector is estimated to have reached 76.6 million against 59 Million last year.
  • The SHG loan outstanding has increased by Rs. 71.5 billion with an addition of 6.9 million clients.
  • At the current growth rates, MFIs might outstrip the SBLP in portfolio volumes soon.
  • Some parts in Karnataka faced entrenched default constituting a portfolio share of less than 0.5%.
  • MFIs so far reached 234 of the 331 poorest districts identified by the government.
  • SBLP regstered a decline of number of women SHGs from 82.5% in March 2007 to 80.4% in March 2008.
  • The microfinance penetration index shows especially in Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh compared to extraordinary levels reached in Andhra Prades, Karnatana and Tamil Nadu.
While last year’s report focused on the increased risk in the sector, this years’ report takes stock of the uninterrupted growth rate of the sector despite several internal and external adversities.
Source :
Microfinance Focus
 
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