Indian microfinance sector achieves staggering 2,176% growth over 12 years

Economy

1 year ago

News sources:

Credited from: INDIATIMES

The microfinance sector in India has grown by over 2,176% in the past 12 years, escalating from Rs 17,264 crore in March 2012 to Rs 3.93 lakh crore by November 2024.
The sector serves nearly 8 crore borrowers, contributing 2.03% to India's GDP and supporting approximately 1.3 crore jobs.
Challenges include difficulties in acquiring low-cost, long-term funding and impacted portfolio quality due to reduced lending.
Initiatives proposed include credit guarantee schemes and the establishment of special funds for operations in the North-East.
DFS Secretary emphasized the importance of digital repayment methods and improving governance standards within MFIs.

For the full article, visit Times of India.