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

share-iconThursday, January 09 comment-icon1 week ago 7 views
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indiatimesINDIATIMES
Indian microfinance sector achieves staggering 2,176% growth over 12 years

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.

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Microfinance India Financial services Growth Rural development
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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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