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Indian Microfinance industry's Loan Book grows 10% to Rs 2.85 trn in FY22

Published on June 16, 2022
Current Context: The gross loan portfolio (GLP) of the microfinance sector in India Increased by 10% to Rs 2.85 trillion as of March 31, 2022, Compared to Rs 2.59 trillion a year ago.
Indian Microfinance industry's Loan Book grows 10% to Rs 2.85 trn in FY22
  • Even though the number of unique borrowers served by the industry decreased to 58 million in March 2022 from 59.3 million a year ago, the loan accounts increased from 108.3 million in March 2021 to 113.1 million in March 2022.
  • It is also supported by and Supreme Court’s verdict which clearly stated that NBFC regulation is the only purview of the RBI, which is a hugely positive trend. These have supported good growth in 2022-23.
  • Due to this microfinance industry has shown good progress during Q4FY22, building on the momentum created in the third quarter ended December 2021.
  • In addition to that, the loan portfolio of non-banking finance companies working as MFIs (NBFC-MFIs) expanded by 19.4% to Rs 96,561 crore at the end of March 2022 Compared to Rs 80,906 crore as of March 31, 2021.
  • However, banks continue to be the main contributors with a share of 40% in March 2022, down from about 43.67% a year ago.

Question:

Q.1 As per a recent report Micro Finance Industry has grown to _______ trn in FY2022.
a. 3.52trn
b. 2.85 trn
c. 5.21 trn
d. 4.12 trn
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