C

N om
ot p
fo lim
r e en
xt ta
er ry
na c
l c op
irc y
ul
at
io
n
 n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim
ot p
N om
C

All rights reserved. No part of this publication may be reproduced or

transmitted in any form or by any means without written permission from
MFIN. However, data contained in this publication may be freely used for non -
commercial purposes with acknowledgement.
All rights reserved. No part of this publication may be reproduced or
transmitted in any form or by any means without written permission from
MFIN.
 n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim
ot p
N om

Acknowledgments
C

We are thankful to all our members, associates and other

institutions who have contributed data for this issue.
Contents
5 Introduction Section I

06
Analysis of data from
19 Notes Banks, SFBs, NBFC MFIs,
NBFC and Others
20 Highlights

21 Industry Trends

25 Portfolio Section II
29 Outreach 18 Analysis of data of NBFC

n
– MFIs who are MFIN

io
members
irc y
at
30 Disbursements
l c op
ul
na c

Cash-less
32
er ry

Disbursements Section III

xt ta

43 Analysis of data of MFIN

r e en

33 Financials
associates (Corporate
fo lim

34 Debt Funding BCs & NBFCs)

ot p
N om

Borrowing
35
C

Outstanding Annexures
Borrowing during the 50 Grouping of NBFC-MFIs
36 51 Grouping of States
quarter
52 Panel of NBFC-MFIs
37 ALM Analysis
55 Aggregated pan India data
Cost of Funds and 61 Aggregated state level data
38
Pricing
49 63
82
MFI level data
State wise list of MFIs
39 Institutional Rating
86 MFI level pricing data
40 HR Analysis 89 Glossary
91 Abbreviations
42 Productivity Ratios 92 Heat Maps 4
Introduction
This is the 37th issue of the Micrometer and it provides an overview of the microfinance industry as on 31
March 2021 (Q4 FY 2020-21). Micrometer has three broad sections as under:

Section I on “Microfinance Universe” gives an overview of the portfolio and outreach of microfinance (i.e.
micro-credit) industry as on 31 March 2021. This section analyses the Industry wide data sourced from Equifax,
of various categories of financial institutions engaged in the microfinance space in India. These are NBFC-MFIs,
Banks, Small Finance Banks (SFBs), NBFCs and Others (including Non-profit MFIs). Till the 29th issue of
Micrometer, ‘Ever MFI data’, based on loans originated after January 2014, was being used for analysis. The
portfolio originated after February 2017 now constitutes nearly 98% of the Ever MFI data. Therefore, to
provide a more realistic and current picture of the progress of Microfinance Universe, from 30th issue onwards,
data after February 2017 (which is after the demonetization period) has been used for analysis.

Section II of the micrometer provides detailed analysis of self reported data of NBFC-MFIs (MFIN Primary
Members) up to state level. This includes a comparative analysis with the two previous financial years (FY
2018-19 and FY 2019-20) and previous quarter (Q3 FY 2020-21). Analysis on NBFC-MFIs is based on data

n
collected from 56 members that are registered with the Reserve Bank of India (RBI).

io
irc y
at
Section III of the report analyses the microfinance operations of MFIN Associates that include NBFCs and MFIs
l c op
that operate as Corporate Business Correspondents (CBCs) for Banks. This section is based on the data
ul
collected from 3 NBFCs and 3 CBCs for Q4 FY 2020-21 and compares it with Q3 FY 2020-21 and Q4 FY 2019-20.
na c
er ry
xt ta
r e en
fo lim
ot p
N om
C

5
 C
N om
ot p
fo lim
r e en
xt ta
er ry
na c
l c op
irc y
Section I
ul
at
io
n
Microfinance Universe

6
Universe: Overall size
This section of the report gives an overall position of the microfinance industry based on data sourced from
Equifax on various category of lenders including NBFC-MFIs, Banks, SFBs, NBFCs and Other MFIs (including
non-profit MFIs).

Based on data as on 31 March 2021 (Q4 FY 20-21) for loans originated after February 2017, microfinance
industry has total loan portfolio (i.e., loan amount outstanding) of Rs 2,59,377 Cr, including DPD 180+ portfolio
of Rs 11,439 Cr. The total number of active loans accounts were 10.83 Cr with 5.93 Cr unique borrowers as on
31 March 2021. The loans originated after February 2017 represents 97.84% of the total industry portfolio,
96.63% of the loan accounts and 97.27% of unique borrowers of “Ever MFI data” (loans originated after
January 2014).

As such, the YoY (31 March 2020 to 31 March 2021) growth of GLP based on loans originated after February
2017 is 11.90% and based on ‘Ever MFI’ data is 1.74%.

As on 31 March 2021, 13 Banks hold the largest share of portfolio in micro-credit with total loan outstanding of
Rs 1,13,271 Cr, which is 43.67% of total micro-credit universe. NBFC-MFIs are second largest provider of

n
micro-credit with a loan amount outstanding of Rs 80,549 Cr, accounting for 31.05% to total industry portfolio.

io
SFBs have a total loan amount outstanding of Rs 41,170 Cr with total share of 15.87%. NBFCs account for
irc y
at
another 8.36% and Other MFIs account for 1.05% of the universe. The table below captures the key portfolio
l c op
and outreach number of the five-broad category of microfinance lenders.
ul
na c

Overall status of portfolio, unique borrowers and loan accounts

er ry

31-Mar-21 31-Mar-20
xt ta

Unique Active loan Portfolio Unique Active loan Portfolio

Type of No. of No. of
r e en

Borrowers accounts O/s (Rs Borrowers accounts O/s (Rs

entity entities entities
(Cr) (Cr) Cr) (Cr) (Cr) Cr)
fo lim

NBFC-MFIs 85 2.59 3.69 80,549 84 2.64 3.84 73,792

ot p

Banks 13 2.86 4.27 1,13,271 12 2.67 3.68 92,281

N om

SFB 8 1.47 1.80 41,170 8 1.51 1.85 40,556

C

NBFC 53 0.84 0.92 21,673 45 0.91 1.04 22,702

Others 29 0.13 0.15 2,714 21 0.12 0.14 2,456

Total 188 5.93 10.83 2,59,377 170 5.89 10.54 2,31,787

DPD 0 - 179 188 10.24 2,47,938 170 10.33 2,28,406

Ever MFI 193 6.10 11.21 2,65,100 176 6.10 10.94 2,60,570

Note: The total of entity wise unique borrowers will not equal to universe total due to overlaps

Apart from MFI’s, NABARD SHG Bank Linkage Programme (SBLP) also contributes significantly to the
microfinance universe. As on 30 September 2020, around 61.9 lakhs SHG’s had an outstanding portfolio of Rs
108,578 Cr with them. Assuming an average of 10 members per SHG this translate into 6.2 Cr members with
an average loan portfolio of Rs 17,515. Average portfolio per SHG amounted to Rs 1,75,155. Considering SBLP’s
outreach and CAGR of around 15.3% since Mar’16, the overall size of the universe in terms of GLP as on 31
March 2021 is roughly Rs 3,84,615 Cr.
7
Industry trends
Q3 FY 19-20 to Q4 FY 20-21

Outreach trend

10.83
10.54 10.37 10.50 10.50
10.11
9.79

5.64 5.89 5.80 5.71 5.83 5.93

5.41

n
io
irc y
at
l c op
ul
2,01,724

2,11,302

2,31,788

2,27,727

2,31,778

2,32,648

2,59,377
na c
er ry
xt ta

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

r e en

GLP (Rs. Cr) Unique Borrowers (Cr) Loan accounts (Cr)

fo lim
ot p

Regional distribution of GLP trend

N om

45%
C

40%

35%

30%

25%

20%

15%

10%

5%

0%
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

North Central East and North East West South

8
Industry trends
Q3 FY 19-20 to Q4 FY 20-21
Disbursement trend

230

192
177 179
168

39,837
35,007 36,940 35,652
31,850 33,245
29,830 88

n
io
irc y
at
21
l c op
ul
53,461

61,894

71,090

31,261

59,508

91,516
6,186

na c
er ry

Q2 FY 19-20 Q3 FY 19-20 Q4 FY 19-20 Q1 FY 20-21 Q2 FY 20-21 Q3 FY 20-21 Q4 FY 20-21

xt ta
r e en

Loan amount disbursed (Rs Cr) Average loan size (Rs) No. of loans disbursed (Lk)
fo lim
ot p
N om

PAR trend
14%
C

12%

10%
8.66%
8%

6% 5.87%

4% 3.95%

2%

0%
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

PAR180
Note: For PAR analysis, delinquencies above >30 PAR>60
days have been PAR
removed to reflect >90picture of the portfolio quality.
a true

9
Universe: Portfolio outstanding
The pie-chart shows share of each peer group in the universe for loan amount outstanding as percentages.
Compared with 31 March 2020, NBFC-MFIs portfolio has increased by 9.2%, Banks have increased by 22.7%,
SFBs by 1.5%, NBFCs have decreased by 4.5% and Other MFIs have increased by 10.5% (Based on loans
originated after February 2017).

As shown in PAR trend graph, PAR>30 has shown an increasing trend for all entities since March 2020 due to
the pandemic. However, the improvement in comparison to PAR>30 as of December 2020 is mainly due to
write-offs and restructuring of loans under RBI resolution framework. For PAR analysis, delinquencies >180
days have been removed to reflect a true picture of the portfolio quality.

Micro-credit loan outstanding across lenders PAR>30 of the various entities

31 March 2021

n
io
irc y 10.25%

at
NBFC 9.66%
l c op
SFB
8% Others
16%
ul 7.61%
1%
na c

6.85%
er ry

NBFC-
MFIs
xt ta

3.68%
31%
r e en

Banks
fo lim

44%
31-Mar-20 31-Dec-20 31-Mar-21
ot p
N om

NBFC-MFIs Banks SFB

NBFC Others
C

Portfolio outstanding of the microfinance industry (Rs Cr)

22.7%

10.5%
9.2%
1,13,271
92,281
80,549
73,792

1.5%
41,170
40,556

22,702

21,673

-4.5%
2,456

2,714

NBFC-MFIs Banks SFB NBFC Others

31-Mar-20 31-Mar-21 Growth (YOY) 10
Universe – Regional distribution
Since March 2020 about 4 Lk unique borrowers have been added. As on 31 March 2021, the industry serves
5.93 Cr unique borrowers through 10.83 Cr loan accounts. The regional spread is depicted in the pie-chart
below which shows around 66% concentration in East & North East and South regions.

Regional distribution of portfolio Regional distribution of unique borrowers

31 March 2021 31 March 2021

North Central North Central

11% 8% 13% 9%
West
14% West
East and 16% East and
North North East

n
East 36%

io
South 41%
South
25%
irc y
at
l c op
ul 27%
na c
er ry
xt ta

The Top 10 states (based on universe data) constitute 82.11% in terms of GLP. West Bengal has retained its
r e en

spot as the largest state in terms of portfolio outstanding followed by Tamil Nadu and Bihar. Among Top 10
states, West Bengal has the highest average loan outstanding per unique borrower of Rs 55,585 followed by
fo lim

Assam at Rs 48,578.
ot p
N om

Portfolio: Top 10 states GLP (Rs Cr)

31 March 2021
C

Av. loan O/s per account (Rs)

Av. loan O/s per UB (Rs)
58,844

49,682

41,898
37,000 37,496 38,564 37,453 38,020
36,424
34,051
31,241
28,162
23,751 23,100 22,285 23,123 23,231 23,363
21,340 21,784
39,147

32,078

29,429

21,148

18,473

18,355

15,666

14,952

12,459

11,275

WB TN BH KA MH UP MP OR AS RJ

11
 Universe – State distribution
As on March 2021, microfinance operations are present in 28 states and 9 union territories (UTs), including
very small portfolio in the UT of Lakshadweep and Ladakh. No. of districts with Microfinance portfolio have
increased in this FY due to remapping of districts by Equifax (split districts are now mapped separately).

The table below summarizes the state wise (excluding Lakshadweep & Ladakh) distribution of number of
unique entities, unique borrowers, accounts and GLP as on 31 March 2021. ‘Other’ in state column pertains to
portfolios which are not tagged to any state by the entities reporting data to Equifax.

It should be noted that, the total of no of unique entities/FIs and unique borrowers of states will not be equal
to the universe total due to overlaps.

No. of Unique No. of Unique No. of GLP GLP

State
Entities/FIs Borrowers Accounts (Rs Cr) Rank
Andaman & Nicobar Islands 22 1,817 1,987 5 36
Andhra Pradesh 60 3,44,900 4,18,118 1,260 19
Arunachal Pradesh 23 7,770 8,305 23 32

n
Assam 46 25,07,841 44,24,127 12,459 9

io
Bihar 93
irc y 78,48,649 1,23,90,684 29,429 3

at
Chandigarh 34 9,706 15,565 31 31
l c op
Chhattisgarh 65ul 13,49,332 22,67,520 4,885 14
Dadra & Nagar Haveli 25 5,558 7,936 23 33
na c

Daman & Diu 23 2,094 2,797 6.55 35

er ry

Delhi 61 1,81,465 2,40,639 636 21

xt ta

Goa 35 35,545 58,345 142 27

r e en

Gujarat 66 21,86,940 31,81,619 7,071 12

Haryana 73 12,39,620 19,04,011 4,429 16
fo lim

Himachal Pradesh 37 29,509 39,447 87 28

Jammu & Kashmir 23 5,464 7,139 20 34
ot p

Jharkhand 73 17,53,731 29,25,809 6,564 13

N om

Karnataka 68 54,83,805 91,54,810 21,148 4

Kerala 55 23,21,745 46,49,307 9,880 11
C

Madhya Pradesh 88 43,01,139 67,43,617 15,666 7

Maharashtra 91 49,32,257 82,89,254 18,473 5
Manipur 20 52,177 64,954 155 26
Meghalaya 28 41,655 58,779 156 25
Mizoram 18 25,384 32,528 77 29
Nagaland 23 17,479 22,498 75 30
Odisha 68 35,68,748 68,63,829 14,952 8
Pondicherry 51 1,41,506 2,93,868 628 22
Punjab 64 13,76,623 21,48,291 4,669 15
Rajasthan 80 29,65,573 48,26,092 11,275 10
Sikkim 23 30,408 45,881 156 24
Tamil Nadu 73 86,69,788 1,50,31,963 32,078 2
Telangana 46 2,43,545 2,70,311 685 20
Tripura 31 4,78,013 8,95,310 3,111 17
Uttar Pradesh 103 53,90,364 79,37,955 18,355 6
Uttarakhand 54 3,19,629 4,85,506 1,358 18
West Bengal 80 66,52,661 1,25,30,573 39,147 1
Other 31 74,010 74,344 263 23
Total 188 5,93,19,296 10,83,13,725 2,59,377
12
NBFC-MFIs
As on 31 March 2021, the on-balance sheet portfolio of 85 NBFC-MFIs was Rs 80,549 Cr, spread across 610
districts of 35 states and union territories. The data shows an increase in portfolio of around 9.2% over the last
year. Overall health of portfolio has declined on a YoY basis as reflected by PAR >30 of 6.85% as on 31 March
2021, in comparison to 1.88% as on 31 March 2020. However, compared to December 2020 portfolio quality
shows improvement due to write-offs and restructuring of loans. A more detailed analysis based on self
reported data of 56 MFIN member NBFC-MFIs is presented in Section II of this report.

Presence of NBFC-MFIs across districts Portfolio quality of NBFC-MFIs

13.36%

9.46%

6.85%

n
io
irc y 6.19% 4.71%
610

at
1.88%
l c op
607 ul 1.47% 3.18%
na c

599 1.06%
er ry

31-Mar-20 31-Dec-20 31-Mar-21

xt ta

31-Mar-20 31-Dec-20 31-Mar-21 PAR >30 PAR >60 PAR >90

r e en
fo lim

Note: For PAR analysis, delinquencies above 180 days have

been removed to reflect a true picture of the portfolio quality.
ot p
N om

NBFC-MFIs disbursed Rs 26,272 Cr in FY 20-21 an increase of 26.5% from FY 19-20 . The average loan size of Rs
35,262 for Q4 FY 20-21, is 17.26% higher than the average loan size in Q4 FY 19-20.
C

Loans accounts & amount outstanding Average disbursement size & loan
outstanding (Rs)
3.84

35,262
31-Mar-21
21,835
3.69

3.57 33,409
31-Dec-20
20,197
73,792

72,128

80,549

30,072
31-Mar-20
19,228
31-Mar-20 31-Dec-20 31-Mar-21

Loan O/s (Rc Cr) Active loan ACs (Cr) Av. Disb. size during Qtr. (Rs) Av. Loan O/s (Rs)
13
Banks
The data is of 13 banks with microfinance operations spread in 633 districts of 37 states & union territories. As
on 31 March 2021 the banks had a microfinance portfolio of Rs 1,13,271 Cr, depicting a growth of 22.7% over
last one year. Portfolio quality of Banks has declined over the last year and PAR>30 is 10.25% as on 31 March
2021.

Presence of Banks across districts Portfolio quality of Banks

14.33%

10.25%
8.64%
6.89%

n
633 1.69% 4.73% 4.63%

io
628 irc y 1.05%

at
0.66%
l c op
618
ul 31-Mar-20 31-Dec-20 31-Mar-21
na c

PAR >30 PAR >60 PAR >90

er ry

31-Mar-20 31-Dec-20 31-Mar-21

xt ta
r e en

Note: For PAR analysis, delinquencies above 180 days have

been removed to reflect a true picture of the portfolio quality.
fo lim
ot p

Banks disbursed Rs 47,958 Cr in Q4 FY 20-21 with an average ticket size of Rs 43,699, a reduction of 0.78%
N om

from Q4 FY 19-20.
C

Loans accounts & amount outstanding Average disbursement size & loan
outstanding (Rs)
4.27

4.07 43,699
31-Mar-21
26,519

3.68 31,958
31-Dec-20
24,097
1,13,271
92,281

97,956

44,042
31-Mar-20
25,095
31-Mar-20 31-Dec-20 31-Mar-21

Loan O/s (Rc Cr) Active loan ACs (Cr) Av. Disb. size during Qtr. (Rs) Av. Loan O/s (Rs)

14
Small Finance Banks
8 SFBs operate in 611 districts of 36 states & union territories, similar to the last quarter, with a total
microfinance portfolio of Rs 41,170 Cr. Over the last one year the SFBs have shown a growth of around 1.5%.
The portfolio quality as measured by PAR >30 days is 7.61% as on 31 March 2021.

Presence of SFBs across districts Portfolio quality of SFBs

10.13%

7.61%
6.97%
5.19%

1.40% 4.32%
3.31%

n
611 0.53%

io
604 irc y 0.89%

at
l c op
596 ul 31-Mar-20 31-Dec-20 31-Mar-21
na c

PAR >30 PAR >60 PAR >90

er ry

31-Mar-20 31-Dec-20 31-Mar-21

xt ta

Note: For PAR analysis, delinquencies above 180 days have

been removed to reflect a true picture of the portfolio quality.
r e en
fo lim

SFBs disbursed Rs 11,412 Cr at an average ticket size of Rs 37,037 during Q4 FY 20-21. The average ticket size
ot p

increased by about 7.0% over Q4 FY 19-20.

N om
C

Loans accounts & amount outstanding Average disbursement size & loan
outstanding (Rs)
1.85

37,037
31-Mar-21
22,915

1.79 1.80 37,911

31-Dec-20
21,762
40,556

39,062

41,170

34,720
31-Mar-20
21,955
31-Mar-20 31-Dec-20 31-Mar-21

Loan O/s (Rc Cr) Active loan ACs (Cr) Av. Disb. size during Qtr. (Rs) Av. Loan O/s (Rs)

15
NBFCs
As on 31 March 2021, 53 NBFCs were active in 536 districts of 29 states & union territories, with a total
microfinance portfolio of Rs 21,673 Cr. The portfolio has degrown by about 4.5% as compared to same quarter
of last FY. The portfolio quality as measured by PAR >30 days is 9.66% as on 31 March 2021 as compared
2.76% as on 31 March 2020.

Presence of NBFCs across districts Portfolio quality of NBFCs

10.87%
9.66%

6.60%
5.74%

2.76% 4.66%

n
io
irc y 536 2.11%

at
2.31%
l c op
ul 1.46%
na c

523 523
31-Mar-20 31-Dec-20 31-Mar-21
er ry

PAR >30 PAR >60 PAR >90

xt ta

31-Mar-20 31-Dec-20 31-Mar-21

r e en

Note: For PAR analysis, delinquencies above 180 days have

been removed to reflect a true picture of the portfolio quality.
fo lim
ot p
N om

NBFCs disbursed Rs 4,984 Cr during Q4 FY 20-21 with an average ticket size of Rs 41,306. This ticket size
increased by 9.2% as compared to Q4 FY 19-20 figures.
C

Loans accounts & amount outstanding Average disbursement size & loan
outstanding (Rs)
1.04

41,306
31-Mar-21
23,556

38,813
0.92 0.92 31-Dec-20
22,918
22,702

21,089

21,673

37,812
31-Mar-20
21,927
31-Mar-20 31-Dec-20 31-Mar-21

Loan O/s (Rc Cr) Active loan ACs (Cr) Av. Disb. size during Qtr. (Rs) Av. Loan O/s (Rs)

16
Other MFIs – including not for profit
Other MFIs include not for profit entities like Section 29 companies that have reported data to Equifax. As on
31 March 2021, 29 such entities were active in 576 districts of 35 states & union territories, with a total
microfinance portfolio of Rs 2,714 Cr. The portfolio of other MFIs increased by 10.5% over the last year. The
portfolio quality as measured by PAR >30 days is 3.68% as on 31 March 2021 as compared to 0.22% as on 31
March 2020.

Presence of Others across districts Portfolio quality of Others

6.61%

4.58%
3.68%
2.64%

n
3.02%

io
574 576 0.14%
1.88%
irc y
at
l c op
ul 0.22%
396
0.09%
na c

31-Mar-20 31-Dec-20 31-Mar-21

er ry
xt ta

PAR >30 PAR >60 PAR >90

31-Mar-20 31-Dec-20 31-Mar-21
r e en

Note: For PAR analysis, delinquencies above 180 days have

been removed to reflect a true picture of the portfolio quality.
fo lim
ot p
N om

Other MFIs disbursed Rs 890 Cr during Q4 FY 20-21 with an average ticket size of Rs 34,267. This ticket size is
around 26.16% higher than Q4 FY 19-20 figures.
C

Loans accounts & amount outstanding Average disbursement size & loan
outstanding (Rs)
0.15
34,267
31-Mar-21
0.15 17,584

32,346
0.14 31-Dec-20
16,334
2,456

2,413

2,714

27,161
31-Mar-20
17,708
31-Mar-20 31-Dec-20 31-Mar-21

Loan O/s (Rc Cr) Active loan ACs (Cr) Av. Disb. size during Qtr. (Rs) Av. Loan O/s (Rs)

17
 C
N om
ot p
fo lim
r e en
xt ta
er ry
na c
l c op
irc y
Section II
ul
at
io
n
(MFIN Members)
NBFC-MFI Industry

18
 Notes
 This section is based on self reported data of NBFC-MFIs (MFIN Primary Members) up to state level. Analysis
on NBFC-MFIs is based on data collected from 56 members that are registered with the Reserve Bank of India
(RBI).

 Q2 FY 20-21 data of Adhikar has been used for aggregate analysis due to unavailability of Q4 FY 20-21 data.
Similarly, data of Q3 FY 20-21 of Fino Finance and Share has been used for analysis.

 There are variations in panel of NBFC-MFIs used across various quarters considered for this publication.
Categorization of MFI in the panel depends on the size of MFI in that quarter. MFIs with GLP below Rs 100 Cr
are categorized as small, between Rs 100 Cr to 500 Cr as medium and > Rs 500 Cr as large. Refer to Annex 3
for details of the Quarterly panels.

 Client numbers given here are not unique and do not factor for overlaps of clients between NBFC-MFIs

 The panel for Q4 2020-21 includes 56 NBFC MFIs grouped by their GLP. As on 31 March 2021, there are 13
Small, 21 medium and 22 large NBFC-MFIs. Refer to Annex 1 for this grouping.

n
io
 Loan outstanding per account, loan disbursed per account and productivity ratios are based on weighted
irc y
at
averages. Cost of funds is a simple average.
l c op
ul
 For HR analysis, self-reported data from 52 NBFC MFIs have been used including 13 Small, 18 Medium and 21
na c

Large institutions
er ry

 Analysis on funding received during FY 2020-21 is based on data received from 54 Members including 12
xt ta

Small, 20 Medium and 22 Large institutions.

r e en

 For Asset & Liability Management (ALM) analysis, self-reported data of 46 NBFC-MFIs have been used
fo lim

including 11 small, 16 medium and 19 large institutions.

 The most recent rating/grading reported by NBFC-MFIs has been taken for the analysis on rating and grading.
ot p

Rating/grading scores from various rating agencies are being normalized for parity/comparison. Additionally,
N om

various sub-categories under each rating category has been folded into one category for analysis. Rating scale
of various rating agencies is provided in the slide on “institutional rating”. For information refer to
C

https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6758&Mode=0#A .

 Due to rounding-off, percentages may not add up to 100%.

19
 Highlights
Some highlights of this quarter/ financial year are as under:

 As on 31 March 2021, 3.13 Cr clients* have loan outstanding from NBFC-MFIs, which is 0.9% lesser than
clients as on 31 March 2020.
 The aggregate GLP of MFIs is Rs 81,475 Cr as on 31 March 2021, including owned portfolio Rs 68,894 Cr and
managed portfolio (off BS) of Rs 12,581 cr. The owned portfolio of MFIN members is about 85.5% of the
NBFC-MFI universe portfolio of 80,549 Cr.
 On a YoY basis GLP has increased by 11.0% as compared to 31 March 2020 and by 9.7% in comparison to 31
December 2020.
 Loan amount of Rs 57,891 Cr was disbursed in FY 20-21 through 1.70 Cr accounts, including disbursement of
Owned as well as Managed portfolio. This is about 24.8% lesser than the disbursements made in FY 19-20.
 Average loan amount disbursed per account during FY 20-21 was Rs 35,726 which is an increase of around
20.0% in comparison to last financial year.
 As on 31 March 2021, the borrowings o/s were Rs 64,078 Cr. Other Banks contributed 36.6% of borrowings
O/s followed by 24.0% from Non-Bank entities, 19.9% from Top 5 Banks, 14.8% from AIFIs, 2.9% from
External Commercial Borrowings (ECB) and 1.7% from other sources.

n
 During FY 20-21, NBFC-MFIs received a total of Rs 40,797 Cr in debt funding, which is 9.2% higher than FY

io
19-20. Other Banks contributed 42.5% of borrowings received during FY 20-21 followed by 20.5% from Top 5
irc y
at
Banks, 17.6% from Non-Bank entities and AIFIs, 1.1% from External Commercial Borrowings (ECB) and 0.6%
l c op
from other sources.
ul
 Total equity grew by 15.0% as compared to FY 19-20 and is at Rs 18,663 Cr as on 31 March 2021.
na c

 Portfolio at Risk (PAR)>30 days as on 31 March 2021 has increased to 9.2% as compared to 2.4% as on 31
er ry

March 2020, due to the effect of the pandemic.

xt ta

 MFIs now have presence in 27 states and 5 union territories.

r e en

 In terms of regional distribution of portfolio (GLP), East and North-East accounts for 33% of the total NBFC-
MFI portfolio, South 28%, West 15%, North 13% & Central contributes 11%.
fo lim

YoY change (%)

ot p

Indicator Q4 FY 20-21 Q4 FY 19-20 Q3 FY 20-21

Q4 FY 20-21 over
N om

31-Mar-21 31-Mar-20 Q4 FY 19-20 31-Dec-20

C

Branches 14,673 14,073 4.3% 14,296

Employees 1,19,634 1,15,320 3.7% 1,13,969

Clients~ (Cr) 3.13 3.16 -0.9% 3.07

Loan accounts (Cr) 3.77 4.02 -6.1% 3.58

Gross Loan Portfolio (Rs Cr) 81,475 73,412 11.0% 74,272

Balance sheet portfolio 68,894 57,441 19.9% 63,369

Loans disbursed
1.70 2.78 -39.0%
(during the year, Cr)
Loan amount disbursed
57,891 76,956 -24.8%
(during the year, Rs Cr)

*The client's number here is the aggregate of clients of member MFIs. Given some degree of overlaps, it does not reflect the
number of ‘unique’ clients

20
NBFC-MFI trends
Q3 FY 18-19 to Q4 FY 20-21

Outreach Trend
GLP (Cr)
No. of Clients (Cr) 3.16 3.12 3.13
3.06 3.05 3.07
2.93
2.67 2.71

2.33

n
io
irc y
at
l c op
46,097

56,061

57,266

62,961

66,910

73,412

71,301

70,707

74,272

81,475
ul
na c
er ry

Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
xt ta
r e en
fo lim

Disbursement Trend
No of Loans Disbursed (Lakhs)
ot p

Loan Amount Disbursed (Cr)

N om

26,220
C

20,748
19,551 19,066 19,580
18,513
15,738
14,088

10,501

561

57 71 59 68 67 70 2 32 57 73

Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

*Analysis is based on the data of panel of MFIs in the current quarter

21
 NBFC-MFI trends
Q3 FY 18-19 to Q4 FY 20-21
PAR Trend
12%

10% 9.2%

8%

6% 5.4%

4%
2.7%

n
2%

io
irc y
at
l c op
0% ul
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
na c
er ry

PAR > 30 PAR > 90 PAR > 180

xt ta
r e en
fo lim

Funding trend
ot p
N om
C

3.4 3.3 3.4 3.4

3.3 3.3 3.3 3.2
3.0 3.0
10,158
34,713

11,991
39,859

11,908
39,004

14,269
42,551

15,451
46,598

16,232
53,485

16,671
55,918

17,119
56,261

18,019
58,195

18,663
64,078

Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Total Equity (Cr) Outstanding Borrowings (Cr) Debt: Equity Ratio

*Analysis is based on the data of panel of MFIs in the current quarter

22
NBFC-MFI trends
Q3 FY 18-19 to Q4 FY 20-21
Comparison of Interest rates and cost of funds trend
28%
26%
24%
22%
20%
18%
16%
14%

n
io
12% irc y
at
Q3 18-19 Q4 18-19 Q1 19-20 Q2 19-20 Q3 19-20 Q4 19-20 Q1 20-21 Q2 20-21 Q3 20-21 Q4 20-21
l c op
Interest rate
ul RBI permissible interest rate Cost of funds
na c
er ry

Note: Interest rate as depicted in the above graph is the weighted average rate of interest charged by
xt ta

Member institutions on existing qualifying loan portfolio outstanding.

r e en
fo lim
ot p

Branch Network
N om

74,155 75,563
69,723 71,493 69,282
67,027
C

65,439

56,265 56,595
52,939
10,676

11,475

11,886

13,043

13,620

14,073

13,927

13,939

14,296

14,673

Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

Branches Loan Officers

*Analysis is based on the data of panel of MFIs in the current quarter

23
NBFC-MFI industry

As on 31 March 2021, amongst 56 MFIN Distribution of MFIs as per size

member NBFC-MFIs, 13 are small (GLP <
Rs 100 Cr), 21 medium (GLP between Rs
100-500 Cr) and 22 large (GLP > Rs 500
Cr).

During last 12 months, 4 MFIs became 13

Medium from Small, 1 MFI became
Large from Medium. On the other side 1 22
MFI became Medium from Large and 1
MFI became Small from Medium. New
Members during the last one year
include 4 small MFIs.

Large MFIs continue to hold largest 21

n
proportion of industry outreach. Large

io
MFIs account for 93.4% of the industry
irc y
at
GLP, 91.2% of the client base, 93.8% of
l c op
loan amount disbursed and 94.8% of ul Large Medium Small
debt funding received.
na c
er ry
xt ta
r e en
fo lim

Share of various peer group MFIs in industry

ot p

2.2% 1.6% 1.5% 1.0% 0.7% 0.6% 0.6%

N om

7.8% 5.8% 5.6% 4.7%

12.3% 9.9% 9.4%
C

91.2% 93.4% 93.8% 94.8%

85.4% 88.5% 89.1%

Branches Employees Loan officers Clients GLP Loan amount Funding

disbursed

Large Medium Small

24
 Portfolio
As on 31 March 2021, aggregated GLP of Loan portfolio (Rs Cr)
NBFC-MFIs stood at Rs 81,475 Cr, growth of
11.0% in comparison to 31 March 2020 and 81,475
9.7% over the quarter ending 31 December 73,412 74,272
2020. 12,581
15,971 10,904
Managed portfolio is Rs 14,270 Cr, which 1,689
979
includes Rs. 1,689 Cr of On-balance sheet 2,320
managed portfolio (due to IndAS) and Rs
12,581 Cr of Off-balance sheet managed
portfolio.

Within the managed portfolio, portfolio

created under Business Correspondent (BC)
partnership has 20.8% share amounting to Rs 53,416 62,390 67,205
2,963 Cr. Securitization (PTC & DA)

n
31-Mar-20 31-Dec-20 31-Mar-21

io
contributes majority (79.2%) of total
managed portfolio.
irc y
at
Owned Managed On BS
l c op
As on 31 March 2021, Top 10 MFIs accounted
ul Managed Off BS Gross
for 73.8% of the industry portfolio.
na c
er ry
xt ta

Breakup of managed portfolio (Rs. Cr) Top 10 MFIs, GLP (Rs Cr)
r e en

11,341
fo lim

CreditAccess 15%

8,139
ot p

3,733 Spandana 19%

N om

2,963
7,275 0%
Satin
C

2,748 5,985 9%
Asirvad
4,977 1%
9,773 Muthoot Microfin
11,778
4,804 20%
7,760 Annapurna
4,796 41%
Samasta
169 136 1,533
4,648
Arohan -4%
31-Mar-19 31-Mar-20 31-Mar-21
Created as BC 4,638
Fusion 27%
Assigned/bilateral agreement
3,564
Securitized (created through SPV) Svatantra 37%

Change
*For MFIs under IndAS, Securitized portfolio is reflected in BS 31-Mar-21 31-Dec-20 31-Mar-20 (YoY)
portfolio. For others, it is part of managed portfolio. Hence,
totals of breakup in above graph will not be equal to total off-
balance sheet portfolio (in graph titled “Loan portfolio“)

25
Portfolio - Breakup and PAR
PAR >30 has weakened from 2.4% as on 31 Potfolio at Risk (%)
March 2020 to 9.2% as on 31 March 2021. The
steep rise is a result of pandemic affecting the
microfinance operations across the country.

Overall, around 95% of the owned portfolio is

qualifying in nature, as defined in master
guidelines for NBFC-MFIs.
In terms of geographic spread, 76% of the
portfolio is rural and 24% is urban.

In terms of purpose, agriculture loans account

for 56.5% of the GLP. Non-agriculture

11.0%
(trade/services and manufacturing) loans 2.4%

9.2%

2.0%
7.8%
7.2%

1.6%
4.8%
5.4%

0.8%
1.2%
2.7%
account for 41.7% and household finance loans

n
account for 1.8% of the GLP.

io
irc y PAR >30 PAR >60 PAR >90 PAR >180

at
Based on data from 56 NBFC MFIs, quality of
l c op
owned portfolio appears much better as ul 31-Mar-20 31-Dec-20 31-Mar-21
compared to managed portfolio.
na c
er ry

Breakup of GLP- Geography PAR comparison of owned & managed

xt ta

31 March 2021 portfolio

r e en

12.8%
10.7%
24% 9.2%
fo lim

8.7%
7.2%
5.4% 5.1%
ot p

8.6%
2.7%
N om

6.6%
4.9% 2.2%
76%
C

PAR >30 PAR >60 PAR >90 PAR >180

Rural Urban Total Managed Owned

Break-up of Owned portfolio Lending Purpose Share of total GLP

Qualifying V/S Non-qualifying
Agriculture and Allied Activities (total) 56.5%

4% 2% 5% 5% Non-agriculture (total) 41.7%

Trade and services 36.6%
Manufacturing / production 5.1%
96% 98% 95% 95% Household Finance (total) 1.8%
Education 0.1%
Medical 0.0%
Small Medium Large Total Housing / home improvement 0.8%

Qualifying Non-qualifying Other household finance 0.9%

26
 Portfolio – Regional distribution
In terms of regional distribution of
portfolio (GLP), East and North East Regional distribution of GLP
accounts for 33% of the total NBFC MFI 31 March 2021
portfolio, South 28%, North 13%, West
15% and Central contributes 11%. Central
11% East and
Five top states in terms of loan amount North
outstanding are Karnataka, Tamil Nadu, West
East
Bihar, Maharashtra and Odisha. They 15%
33%
account for 51.7% of GLP and Top 10
states account for 82.3% of the total North
loan amount outstanding. 13%
South
28%

n
io
irc y
at
l c op
ul
Portfolio at Risk for Top 15 states in terms of
Top 10 states in terms of GLP (Rs Cr)
na c

GLP (31 March 2021)

er ry

States PAR >30 PAR >90 PAR >180 KA 9,422 14%

xt ta

KA 4.86% 3.49% 1.92%

r e en

TN 9,380 18%
TN 7.37% 4.01% 1.54%
fo lim

BH 6.50% 2.76% 0.79% 9,293 9%

BH
ot p
N om

MH 9.96% 6.17% 2.48%

MH 7,067 6%
OR 10.71% 7.04% 4.71%
C

MP 5.74% 3.26% 1.42% 6,981

OR 12%
UP 6.20% 3.41% 1.39%

WB 19.29% 10.53% 3.87% MP 6,888 15%

RJ 5.04% 2.50% 0.83%

UP 6,279 6%
KL 12.15% 6.83% 3.54%

JH 7.56% 3.51% 1.18% WB 5,591 4%

CG 7.90% 4.81% 2.46%
RJ 3,661 30%
PB 11.71% 8.84% 5.54%

AS 45.94% 31.07% 20.77% KL 2,511 -1%

GJ 7.14% 4.59% 2.70%
YoY
Q4 FY 20-21 Q4 FY 19-20 growth

27
 Portfolio – Growth rates
Growth rates for states and Top 3 MFIs (under each peer group) is shown here. Due to disruption in
operations, the GLP has decreased in a few states. Among the prominent states Assam portfolio continues to
contract but all other major states have shown a positive rate of growth.

State wise GLP growth rate Top MFIs (peer group-wise) with highest growth rates
(Q4 FY 20-21 over Q4 FY 19-20) (% change Q4 FY 20-21 over Q4 FY 19-20)
TL 250%
HP 49%
AP 48%
DL 45% Hindusthan 9%
CH 43%
AN 41%

n
RJ 30%

io
Small

JH 27% irc y Svamaan 110%

at
TN 18%
l c op
HR 16%
ul
na c

SK 16% Samavesh 504%

MP 15%
er ry

MN 14%
xt ta

KA 14%
r e en

GJ 13% Vector 80%

CG 13%
fo lim

OR 12%
Medium

JK 10%
ot p

SAVE 91%
BH 9%
N om

UK 8%
UP 6%
C

UP 6% Mitrata 102%
MH 6%
WB 4%
TR 3%
NG 0% Samasta 41%
0% PB
-1% KL
-4% GO
Large

Satya 48%
-12% AR
-12% AS
-24% ML
-39% PY Chaitanya 58%

28
 Outreach
As on 31 March 2021, NBFC-MFIs on aggregated basis have a network of 14,673 branches and employee base
of 1,19,634 staff, of which 63.2% are loan officers (75,563). There has been growth of 3.7% in employees, 5.7%
in loan officers and 4.3% in branches compared with 31 March 2020.

As on 31 March 2021, MFIs have reported 3.13 Cr clients with 3.77 Cr loan accounts. It may be noted that
client number given here is not unique and does not factor for overlaps. Compared with 31 March 2020, there
has been YoY drop of 0.9% in clients and 6.1% in loan accounts.

Average loan outstanding per account as on 31 March 2021 is Rs 21,595 which is 18.1% higher as compared to
Rs 18,279 as on 31 March 2020.

Outreach Number of MFIs

31 March 2021
4.02
Employees/Loan officers/Branches, thousands

3.77

n
BH 35

io
3.12 irc y UP 29

at
JH 28
l c op
3.16
ul 3.13 CG 27
na c

2.67 MP 27
er ry

MH 26
OR 26
xt ta

RJ 26
r e en

WB 24
115

120

HR
fo lim

23
92
56
11

71
14

76
15

GJ 21
ot p

31-Mar-19 31-Mar-20 31-Mar-21 AS 19

N om

KA 19
Employees Loan officers TN 19
C

Branches Clients PB 14
Loan accounts PY 13
TR 13
KL 11
UK 11
Avg loan o/s and disbursements per accounts (Rs) ML 7
GO 6
DL 5
34,125
HP 5
SK 5
27,694 TL 3
26,201
AP 2
21,595 AR 2
17,948 18,279 CH 2
JK 2
MN 2
MZ 2
31-Mar-19 31-Mar-20 31-Mar-21
AN 1
Avg loan amount o/s Avg loan amount disbursed
29
Disbursements – MFI level
During FY 20-21, MFIs disbursed 1.7 Cr loans worth Rs 57,891 Cr. Compared with FY 19-20, there has been a
YoY drop of 39.0% in number of loans disbursed and 24.8% in loan amount disbursed.

Top 10 MFIs in terms of loan amount disbursed accounted for 75.1% of industry disbursements in FY 20-21.

Top 10 MFIs, Loan Amount Disbursed Disbursement (Rs Cr)

(Rs Cr)

2.78
9,641 -7%
CreditAccess 2.37

6,426 -20%

n
Spandana 1.70

io
irc y
at
4,394
l c op
ul -45%
Satin
na c

62,033

76,956

57,891
er ry

3,923
Arohan -22%
xt ta
r e en

FY 18-19 FY 19-20 FY 20-21

3,695
20%
fo lim

Samasta
Loan amount disbursed (Rs Cr)
ot p

Number of loans disbursed (In Cr)

3,676
N om

Fusion 3%
C

MFI size wise disbursement

3,632 31 March 2021
Asirvad -24%
34,323

3,086 31,546
Annapurna -23%

26,051
2,581
Muthoot Microfin -37%
54,825
2,783
284

2,435
Belstar -7%
Small Medium Large
Loan Amount Disbursed
FY 20-21 FY 19-20 FY 18-19 YoY
growth Average disbursement

30
Disbursements – State level
Top 5 states contributed 52.7% and top 10 states contribute 81.7% of total disbursement of FY 20-21

Top 10 states in terms of loan amount

disbursed (Rs Cr)

BH
6,496 -32%

State wise distribution of disbursement KA

7,883 -9%
(during FY 20-21)

n
io
irc y TN
5,949 -23%

at
MP
l c op
11% MH ul
TN 10%
na c

12% MP
5,269 -15%
er ry

OR
10%
xt ta
r e en

KA 4,887 -32%
UP MH
17%
fo lim

9%
WB
ot p

BH 8% 4,609 -26%
OR
JH RJ
N om

14%
4% 5%
C

4,366 -27%
UP

3,605 -43%
WB

2,460 -17%
RJ

1,768 -11%
JH

YoY
FY 20-21 FY 19-20 growth

31
Cashless disbursements
Based on Q4 FY 20-21 data available for 53 NBFC MFI Members, loan amount disbursed through cashless mode
is 96%. About 91% of members have reported that more than 90% of their disbursement happen in cashless
mode. In FY 20-21 98% of loans were disbursed using cashless means by reporting Member MFIs.

Cashless disbursement (%)

n
io
irc y
at
l c op
ul
na c
er ry

88% 91% 93% 93% 95% 91% 96% 96%

xt ta

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
r e en
fo lim
ot p
N om

Cashless Disbursement across NBFC-MFI

C

0% 2% 0%

8%

91%

<10% 10%-50% 50%-90% >90% No data

32
Financials
As on 31 March 2021, the total equity of the industry stands at Rs 18,663 Cr which is 27.1% of the net owned
portfolio. At an aggregated industry level, domestic equity is 54% of total equity.

Equity position (Rs. Cr) and Leverage

Breakup of equity 3.4

3.3
3.3
46%
54%

n
15,745

io
irc y 9,817 13,875
2,918

at
2,174 2,357
l c op
ul 31-Mar-19 31-Mar-20 31-Mar-21
na c

Foreign (%) Domestic (%)

Share capital Reserve and surplus Debt: Equity
er ry
xt ta
r e en

As on 31 March 2021, NBFC-MFIs have total asset base of Rs 87,450 Cr. Outstanding borrowings are Rs 64,078
Cr. YoY growth of borrowings outstanding is 19.8% and of total asset is 20.4%.
fo lim

Among the funding instruments used, term loans contributed 70.8% of the debt outstanding, followed by
ot p

debentures at 20.7%, sub-debt at 4.1%, commercial papers at 0.4% and other instruments 4.0%. Data clearly
N om

shows greater reliance on term loan for smaller entities. As the size of institution increases, diverse option of
funding become available.
C

Total assets and outstanding borrowings Funding instruments

(Rs. Cr)
2.2% 2.6% 4.1% 4.0%
0.3% 0.4% 0.4%
1.9% 5.3% 4.1%
4.1%
14.0% 20.7%
21.2%
64,078
53,485

39,859 95.0%
77.8% 70.8%
70.3%
55,323

72,646

87,450

Small Medium Large Total

31-Mar-19 31-Mar-20 31-Mar-21 Term loan Debentures
Subordinated Debt Commercial Papers
Total assets Outstanding borrowings Any other

33
Debt funding
During FY 20-21, NBFC-MFIs received Debt funding and Securitization (Rs. Cr)
a total of Rs 40,797 Cr in debt funding
(from Banks and other Financial 32,066
Institutions) which is a growth of
9.2% as compared to FY 19-20.

67% of debt funding for Large MFIs

was from Banks. Medium MFIs were
able to source 32% of their funding
from banks and remaining (68%) from
other FIs. Small MFIs received 24% of 12,008
their debt funding from Banks.

3,888

31,365 37,366 40,797

n
io
FY 18-19 FY 19-20 FY 20-21
irc y
at
l c op
ul Debt funding Securitization
na c
er ry
xt ta

Break-up of debt funding

r e en
fo lim
42%

29%

35%

84%

90%

76%

80%

76%

68%

38%

25%

33%
ot p
N om
C

75%
71%

67%
65%

62%
58%

32%
24%

24%
20%
16%

10%

FY 18-19 FY 19-20 FY 20-21 FY 18-19 FY 19-20 FY 20-21 FY 18-19 FY 19-20 FY 20-21 FY 18-19 FY 19-20 FY 20-21
All Small Medium Large
Banks Other FIs

34
Borrowing outstanding
This analysis is based on more granular details of borrowing outstanding from various category of lenders - All
India Financial Institutions (AIFIs) like NABARD, SIDBI/MUDRA, Banks (including Top 5 banks*, on whose
average base rate, the pricing cap is decided by RBI for NBFC-MFIs every quarter), Non-Bank entities and other
lenders/individuals. Data presented below is based on data received from 54 members – 12 small, 20 medium
and 22 large MFIs. Their total borrowings O/s of Rs 64,062 Cr is 99.9% of total borrowings O/s of Rs 64,078 Cr
reported by all members.

As on 31 March 2021, Other Banks contributed 36.6% of borrowings O/s followed by 24.0% from Non-bank
entities, 19.9% from Top 5 Banks, 14.8% from AIFIs, 2.9% from External Commercial Borrowings (ECB) and
1.7% from other sources. Small MFIs had only 3.7% borrowings O/s from AIFIs and Top 5 banks, Medium MFIs
had 16.9% whereas for Large MFIs same sources contribute close to 35.9% of borrowings O/s.

Breakup of borrowings O/s by source

31 March 2021
731 1,070
23 317 1,852 1,885

n
8 26 13,611 15,392

io
irc y
at
252 1,530
l c op
ul 22,740 23,431
na c

579 12,537 12,771

er ry

112 230
xt ta

5 271 9,231 9,512

10
r e en

Small Medium Large Total

fo lim

AIFIs Top 5 Banks Other Banks Non Bank Entities ECB Others
ot p
N om

As evident from graphs below, among the AIFIs, NABARD is the largest lenders and contributes 71.6% of total
borrowings O/s from AIFIs, followed by SIDBI & MUDRA. Among the Top 5 banks, SBI contributes 40.4% to the
aggregate borrowings o/s, followed by ICICI Bank and Bank of Baroda. However, variances can be noticed by
C

size of MFIs, like for small and medium MFIs Public Sector Banks contribute major share whereas Private Banks
have lent more to the Large MFIs.

Proportion of borrowings O/s from AIFIs Proportion of borrowings O/s from

31 March 2021 Top 5 banks 31 March 2021
2.4%
11.5% 12.7% 12.7% 6.4% 2.1%
18.6% 17.8% 20.1% 19.8%
1.3%
24.1% 23.8%
66.7% 71.8% 71.6% 8.9% 9.1%
93.6% 7.0% 6.9%
77.0% 76.5%
39.9% 40.4%
21.8% 15.5% 15.7%
Small Medium Large Total Small Medium Large Total

SIDBI NABARD MUDRA NHB SBI HDFC PNB ICICI BOB

* Top 5 banks as per report from RBI database (https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications) under section “Statistic Tables Relating to
Banks in India” last reported as on 31 March 2021
35
Borrowings during the FY and quarter
Like the previous section on borrowings o/s, data presented below is based on granular data received from 54
members. Their total borrowings received during Q4 FY 20-21 of Rs 14,207 Cr is 99.7% of total borrowings
received by the members.

As evident, at an industry level, Other Banks contributed to 46.9% of the borrowings received during FY 20-21,
followed by 20.4% from non-Bank entities, 18.5% from top 5 banks, and 13% from AIFIs, 0.9% from ECB and
0.4% from Others. However, for Small MFIs no borrowing was received from AIFIs and top 5 banks.

Data for borrowing received during FY 20-21 shows that Other banks contributed 42.5% of the borrowing
received, Top 5 banks contributed 20.5%, AIFIs and Non-Banks entities 17.6%, ECB 1.1% and Others
contributed 0.6%.

Breakup of borrowings received by source

(Q4 FY 20-21)

39 10 57
8

n
2,489 2,901

io
irc y
at
356
l c op
56
ul 6,523 6,659
na c
er ry

115
xt ta

44 2,577 2,620
r e en

21 142
1,705 1,847
fo lim

-
Small Medium Large Total
ot p

AIFIs Top 5 Banks Other Banks Non Bank Entities ECB Others
N om

According to data received for Q4 FY 20-21, among AIFIs, NABARD was the highest contributor with 80% of all
C

lending from AIFIs coming from NABARD. Similarly, among Top 5 banks, SBI was the major lender contributing
47% of lending for the quarter followed by ICICI Bank and Bank of Baroda. None of the Small MFIs received any
lending from Top 5 Banks and none of the Small and Medium MFIs received any lending from AIFIs.

Proportion of borrowings received Breakup of borrowings received

from AIFIs (Q4 FY 20-21) from Top 5 banks (Q4 FY 20-21)

10% 9% 2%
12% 12%

44% 44%
100% 85% 86% 98%
6% 6%
13% 13%

25% 26%
5% 5%

Small Medium Large Total Small Medium Large Total

SIDBI NABARD MUDRA NHB SBI HDFC PNB ICICI BOB
36
 ALM Analysis
The analysis of Asset Liability Management (ALM) of MFIN member MFIs is based on self-reported data as on
31 March 2021, provided by 46 institutions including 11 small, 16 medium and 19 large NBFC-MFIs. In terms of
portfolio size, they represent 82% of the overall GLP of 56 MFIN members. The small MFIs in the sample
represent 95%, medium 74% and large 82% of GLP of their respective categories. The maturity buckets (for
assets & liabilities) used for analysis are <1 month, 1 to <3 months, 3 to <6 months, 6 to <12 months and >12
months.

The graph below depicts the gap between assets and (liability + equity) of various sizes of MFIs in different
maturity bucket (up to <12 months).

Asset to Liability + Equity Gap Analysis (up to 12 months), Rs Crore

6 to <12

n
io
3 to <6
1 to <3
irc y
at
l c op
ul 16,780 <1
9,179
na c

168
er ry

10,401
xt ta

9,867
r e en

14,980
115
11,059
91
fo lim

7,921 6,685
ot p

69 6,974
68 5,469
N om

49 12,082 13,461
4,565 4,599
C

70
36 3,352 4,018

Assets Liability Assets Liability Assets Liability

Small Medium Large

It is evident that all sizes of NBFC-MFIs continue to be well placed in terms of ALM across various buckets. The
gap (=assets – (liability + equity)) reduces across buckets. The overall gap was 71% of total assets for <1 month,
37% for 1 to <3 months, around 39% for 3 to <6 months and 0% for 6 to <12 months buckets for the overall
sample. The gap in <1 month bucket was 49% for small, 72% for medium and 70% for large MFIs which seems
comfortable.

The gap for >12 months was negative across all categories mainly because of smaller value of portfolio
maturing (27% of total on balance sheet portfolio) in comparison to amount of borrowing maturing (53% of
total loan and interests repayable) in this bucket.

It is evident from the ALM analysis that borrowings of MFIs are of longer term while assets are of shorter-
term.

37
Cost of funds and pricing
At an industry level average cost of funds for FY 20-21 is 13.51% and Median Cost of funds is 13.40%. Overall
spread of cost of funds ranges from 9.15% - 16.92%. For,

• Large MFIs, the range is between 9.15% to 13.40%.

• Medium MFIs, range is between 12.36% to 15.91%.

• Small MFIs, range is between 11.75% to 16.92%.

n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim
ot p
N om

Average cost of funds (as calculated for margin calculation) and weighted average
interest rate charged to clients on outstanding portfolio as on 31 March 2021
C

22.14% 22.84% 22.45%

21.45%
13.35%

13.40%

14.35%

14.43%

14.47%

14.76%

11.65%

11.34%

All Small Medium Large

Average COF Median COF Average Interest rate charged

Note: Interest rate as depicted in the above graph is the weighted average rate of interest charged by
Member institutions on existing qualifying loan portfolio outstanding.
38
Institutional rating/grading
Rating and grading of MFIs is shown in the chart at aggregated level as well as amongst various peer group.
Out of 56 MFI reporting data for FY 20-21, 19 did not report their rating and 20 did not report grading.

• 25% of institutions were rated A and above, 30% BBB, 11% BB and 34% have not reported their rating
• Around 48% of institutions were Graded between Scale 1 to 3, 11% on Scale 4, 5% on Scale 5 and 36% did
not report their grade.

Rating

12
10 9
8 7
4
1 2 1 2

n
0 0 0 0 0

io
Small Medium Large
irc y
at
l c op
AAA
ul AA A BBB BB Below or Unrated
na c
er ry
xt ta

Grading
r e en

16
fo lim

8 9
6 5 5
3 3
ot p

0 0 1 0
N om

Large Medium Small

C

Scale 1 to 3 Scale 4 Scale 5 Not reported

Rating Grading scale of various rating agencies

scale
Scale ICRA CARE ACUITE CRISIL M-CRIL
AAA 1 M1 MFI1 MF1 mfr1 Alpha +
AA 2 M2+ MFI2+ MF2 mfr2 Alpha
A 3 M2 MFI2 MF3 mfr3 Alpha -
BBB 4 M3+ MFI3+ MF4 mfr4 Beta +
BB 5 M3 MFI3 MF5 mfr5 Beta
B 6 M4+ MFI4+ MF6 mfr6 Beta -
C 7 M4 MFI4 MF7 mfr7 Gamma +
D 8 M5 MFI5 MF8 mfr8 Gamma
Nomenclature of rating scale is same across all rating agencies while nomenclature of grading scales differs
39
HR analysis – staff distribution
1,19,634 staff were employed with MFIN
Staff Distribution
members as on 31 March 2021. This is an
increase of 3.7% from 1,15,320 staff as on 31 31 March 2021
March 2020. Around 95% of the staff are
based at the branch level while the remaining Others
are at MFI Head Offices. 1%

The proportionate distribution of staff across

various levels is shown alongside, which Probation
indicates that branch level staff (field officers 13%
+ branch managers) constitute around 82% of
the work force, while 13% of the staff are in Sr. Mgmt.
probation phase, the senior management 4%
comprise 4% and 1% are support/other staff.
Branch Field

n
At branch level, FO and BM level constitute Officer

io
Manager
83% of staffs followed by 13% Probationers.
irc y 23% 59%

at
l c op
ul
However, at the Head Office Level, the senior
management staff comprise around 23% of
na c

staff strength while FO/BM level constitutes

er ry

51%.
xt ta
r e en

The small, medium and large MFI contribute around 2%, 8% and 90% of the total employees. The proportion
fo lim

of senior management is higher in small (7%), medium (6%) MFIs as compared to large (4%) while the trend
for probationers is exactly the opposite.
ot p
N om

The graph below indicates that as the size of the MFI increases, the proportion of staff on probation also
increases. It is evident that with scaling-up there is a huge need to expand the workforce at all levels. Also, the
large MFIs have better ability to train additional staff to achieve their expansion plans.
C

Staff distribution by MFI Size

31 March 2021
2% 1% 1%
3%
9% 14%
7% 6% 4%
27% 27% 22%

60% 57% 59%

Small Medium Large

Field Officer Branch Manager Sr. Mgmt. Probation Others

40
 HR analysis – growth & attrition
Over the last one-year (31 March 2020 to 31 March 2021) number of staff has reduced by 6.9% at Head Office
level and increased by 5.9% at branch level. Across branch levels, the growth has been higher for the Sr Mgmt.
category at 38% followed by Branch manager of 14% while the number of probationers and other staff
declined. At HO level, the staff of Sr Mgmt. category increased by 6% followed by FO at 6%, while there was a
significant decline in BM level, probationers and other staff.

Comparison by size of MFIs shows that staff of small MFIs reduced by 13.7%, Medium MFIs reduced by 3.7%
and Large has grown by 6.5%. Among the small MFIs the largest growth has been in the Sr Management
category at 7%. In medium MFIs highest growth was seen in Probation level at 25%. In the large MFIs the
maximum growth was at the Sr Management level of 34%.

Staff growth by position Staff growth by MFI Size

45% 60%
40%
35% 40%

n
30%

io
27% 20%
25% irc y 6.5%

at
20% 0%
l c op
15% ul FO BM Sr. Mgmt.
ProbationOthers -3.7%
10% 11% -20%
na c

7% -13.7%
5%
er ry

0% -40%
-5%
xt ta

FO BM Sr. Mgmt.Probation Others -60%

-10% -11%
r e en

-15% -15% -80%

-20%
fo lim

HO Level Branch Level Total Small Medium Large

ot p
N om

The overall attrition rate during the period (March 2020 to March 2021) was at 44.2% and was highest for the
Probationers at 56.1%. The attrition at the HO level was 20.6% and at branch level 45.6%. In terms of size of
C

MFIs, the attrition was highest with the small MFIs at 58.3% followed by Large at 44.0% and Medium at 43.4%.
The attrition was the highest at the Others level for small, Probation for Medium and Large MFIs.

Attrition Rate by position Attrition rate by size of MFIs

75%
56.1%
49.7%
44.2% 50%

26.9% 26.1% 28.5%

25%

0%
Small Medium Large
FO BM Sr. Mgmt. Probation Others Total
FO BM Sr. Mgmt. Probation Others

41
Productivity ratios
On an average a loan officer caters to 414 clients with a portfolio of Rs 1.1 Cr. Similarly, on an average a
branch caters to 2,133 clients with a portfolio of Rs 5.6 Cr.

Average GLP per loan officer Average GLP per branch

(Rs Cr) (Rs Cr)

n
4.9
5.2
5.6

1.7
1.5
1.8

3.8
3.3
2.6

5.1
5.6
6.1
io
1.0
1.0
1.1

0.6
0.4
0.5

0.9
0.8
0.7

1.0
1.1
1.1

irc y
at
l c op
All Small Medium ul Large All Small Medium Large

Q4 FY 18-19 Q4 FY 19-20 Q4 FY 20-21

na c

Q4 FY 18-19 Q4 FY 19-20 Q4 FY 20-21

er ry
xt ta
r e en

Average clients per loan officer Average clients per branch

fo lim
ot p
N om
C

2,327
2,245
2,133

2,061
1,595
1,347

2,398
2,388
2,277
475
442
414

322
243
290

481
364
342

477
456
424

947
843
985

All Small Medium Large All Small Medium Large

Q4 FY 18-19 Q4 FY 19-20 Q4 FY 20-21 Q4 FY 18-19 Q4 FY 19-20 Q4 FY 20-21

42
 C
N om
ot p
fo lim
r e en
xt ta
er ry
na c
l c op
irc y
Section III
ul
at
io
n
(CBCs & NBFCs)
MFIN Associates

43
Highlights – MFIN Associates
This section presents highlights of self reported data provided by six ‘Other Lenders’ that are MFIN associates
including four Corporate Business Correspondents (CBCs) and two NBFCs. The CBCs include Buldana Urban
Management Services Pvt Ltd (Buldana), Kamal Fincap Pvt Ltd (Kamal), SaGgraha Management Services Pvt Ltd
(SaGgraha), New Opportunity Consultancy Pvt Ltd (NOCPL) while the NBFCs include Dvara KGFS (Dvara), and
Sampark Fin. Services Private Limited (Sampark). Of the NBFCs, Dvara also has an off-balance sheet portfolio.
Some highlights for the third quarter of FY 2020-21 are as under:

 As of 31 March 2021, the MFIN Associates were managing Rs 0.22 Cr loan accounts with aggregate loan
portfolio of Rs 4,596 Cr and an average loan outstanding per account of Rs 20,853. This represents a YoY
growth of 11% in portfolio and 12% in loan accounts.
 The contribution of the CBCs to the Associates’ GLP as on 31 March 2021 was around 75% (Rs 3,463 Cr).
 The Associates have been able to achieve this outreach through 9,369 employees across 1,227 branches
(customer service centres for the CBCs) with operations in 18 states.
 The average loan disbursed per account during Q4 FY 2020-21 was Rs 32,571. Overall, the Associates
disbursed Rs 2,754 Cr to 8.3 lakh accounts during this FY.

n
 Portfolio at Risk (PAR) > 30 as on 31 March 2021 is 8.27%, which was 9.54% as on 31 December 2020.

io
 In terms of regional distribution of Associates, South accounts for 69% followed by West 11%, East and
irc y
Northeast 9%, North 6 % and Central 5%.

at
l c op
ul
na c

Indicator Q4 FY 20-21 Q3 FY 20-21 QoQ change Q4 FY 19-20 YoY change

er ry

Mar-21 Dec-20 (%) Mar-20 (%)

xt ta
r e en

Branches 1,227 1,193 3% 1,090 13%

fo lim

Employees 9,369 8,886 5% 8,316 13%

ot p
N om

Loan accounts (Cr) 0.22 0.20 10% 0.20 12%

C

Gross Loan Portfolio (Rs Cr) 4,596 4,112 12% 4,141 11%

Loans disbursed (during the

4.2 2.7 56% 3.6 14%
quarter, Lk)

Loan amount disbursed

1,360 910 49% 1,213 12%
(during the quarter, Rs Cr)

44
 Portfolio
Loan O/s (Rs Cr) Loans accounts & amount outstanding
Av. Loan O/s per A/c (Rs) 31 March 2021

25,395

20,353 19,735 20,225

16,892 17,064
2,197

1,108

737

455

74

25
NOCPL Dvara Saggraha Kamal Fincap Buldana Sampark

n
io
irc y
at
l c op
As of 31 March 2021, the aggregated portfolio managed by the MFIN Associates was Rs 4,596 Cr.
ul
na c

Among the CBCs, NOCPL is the largest with managed portfolio of Rs 2,197 Cr while among the NBFCs, Dvara is
the largest with a portfolio of Rs 1,108 Cr.
er ry
xt ta

The average loan outstanding per account ranged from Rs 16,892 to Rs 25,395 across the 6 Associates while
the overall average was Rs 20,853.
r e en

The Top 5 states (Tamil Nadu, Karnataka, Odisha, Rajasthan and Maharashtra) accounted for 82% of the
fo lim

portfolio managed by the Associates, as on 31 March 2021.

ot p
N om

Top 5 states, Total Portfolio (Rs Cr) Regional Distribution of Associates portfolio
C

31 March 2021 31 March 2021

North
TN 2,284
6%

East and
KA 659 North
East
9% South
69%
OR 378
Central
5%

RJ 260
West
11%

MH 207
45
 Portfolio break-up and PAR
Around 71% of the portfolio of the Lending purpose, as % of total porfolio
Associates is concentrated in 31 March 2021
agriculture and allied activities. Other
income generating activities financed
include 12% in trade and services, 9%
in household finance and 8% in Agriculture &
manufacturing/ production. 71%
Allied Activities
In terms of geographical distribution,
majority portfolio (76%) is rural.
The overall portfolio quality as Trade & services 12%
depicted by PAR >30 of 8.27% as on
31 March 2021 as compared to
9.54% as on 31 December 2020.
Household

n
The Top 5 states in terms of portfolio 9%

io
Finance
(Tamil Nadu, Karnataka, Odisha, irc y
at
Rajasthan and Maharashtra) account
l c op
for 81% of the PAR >30 days.
ul
Manufacturing /
na c

8%
production
er ry
xt ta
r e en
fo lim

Portfolio at Risk for Top 10 states in terms of

ot p

Break-up of Associates portfolio - Geography

portfolio (31 March 2021)
N om

31 March 2021
States PAR >30 PAR >90 PAR >180
C

TN 7.64% 4.05% 1.60% Urban

24%
KA 4.05% 2.22% 1.08%
OR 8.24% 4.77% 2.10%
RJ 6.59% 4.01% 1.73%
MH 28.04% 19.70% 10.48%
KL 3.99% 1.64% 0.39% Rural
76%
MP 10.75% 7.36% 3.70%
UP 3.81% 1.74% 0.35%
CG 10.85% 7.21% 3.58%
HR 5.56% 3.83% 1.85%
Total 8.27% 6.14% 4.87%
Total Last
9.54% 3.84% 1.03%
Quarter
46
Outreach
As on 31 March 2021, the Associates have operations in 18 states. Four Associates have operations in
Maharashtra, Odisha and Chhatisgarh, three in Tamil Nadu and Karnataka and two have operations in
Jharkhand, Madhya Pradesh, Rajasthan, Uttar Pradesh, Kerala, Puducherry and Bihar.

On an aggregated basis (as on 31 March 2021), the Associates have employed 9,369 employees of which 6,114
(65%) are loan officers, based out of 1,227 branches (customer service centers for CBCs). The number of
employees have increased by 5% and branches/CSCs have increased by 1% from Q3 FY 2020-21.

Outreach Employees
31 March 2021
Loan Officers
566 Districts
Branches

n
io
308 irc y
at
l c op
203
ul
158 159
na c
er ry

82 18 18
51 57
4,435

2,878

2,057

1,113

1,532

1,324

1,091
xt ta

13
621

150

104
4 92

86
r e en

NOCPL Dvara Saggraha Kamal Fincap Buldana Sampark

fo lim
ot p
N om

Five states accounted for 75% of the employees and 1,227 branches (73% of total branches) where the
Associates have their operations.
C

State wise distribution of employees

31 March 2021

Other
25%

TN
37%

MH
7%

RJ
6%

OR KA
11% 14%
47
Disbursement
The Associates disbursed a total of Rs 1,360 Cr during Q4 FY 2020-21 to 4.2 lakhs account with an average loan
size of Rs 32,571.

Among the CBC’s NOCPL had the highest disbursement and among NBFCs Dvara had the highest amount
disbursed

Loans disbursed & average loan size

Q4 FY 20-21

37,907
34,005 33,285 33,912
27,186 28,733

n
io
irc y
at
l c op
ul
665

327

208

143
na c

10

7
er ry

NOCPL Dvara Saggraha Kamal Fincap Buldana Sampark

xt ta
r e en

Loan Amount Disbursed (Rs Cr) Av. Loan size (Rs)

fo lim
ot p
N om

The Top 5 states in terms of disbursement include Tamil Nadu, Karnataka, Odisha, Rajasthan and Kerala.
Together they accounted for around 81% of the disbursement during Q4 FY 20-21.
C

State wise distribution of loan disbursed

Q4 FY 20-21

Others
19%

KL TN
4% 43%

RJ
7%

OR
11%

KA 48
16%
 C
N om
ot p
fo lim
r e en
xt ta
er ry
na c
l c op
irc y

Annexures
ul
at
io
n

49
Annexure 1:
Grouping of NBFC-MFIs (FY 20-21)

Small Medium Large

GLP < Rs 100 Cr GLP Rs 100 -500 Cr GLP > Rs 500 Cr

n=13 n=21 n=22

Agora Adhikar Annapurna

Aviral Adi Chitragupta Arohan

Hindusthan Arth ASA India

Magenta BWDA Asirvad

n
MSM Centrum Belstar

io
irc y
at
NEED Fino Finance Chaitanya
l c op
ul
Nightingale G U Financial CreditAccess
na c
er ry

Samavesh Growing Opportunity Fusion

xt ta

Sarwadi Humana Light

r e en

SouthIndia Inditrade Madura

fo lim

Svamaan Jagaran Midland

ot p
N om

Unacco Janakalyan Muthoot Microfin

C

Unnati M Power Namra

Mitrata Samasta

Saija Satin

Sarala Satya

SAVE Share

Sindhuja Sonata

Svasti Spandana

SVCL Svatantra

Vector Vaya

VFS

50
 Annexure 2: Grouping of states

East and North East Central West North South

Arunachal Pradesh Chhattisgarh Goa Chandigarh Andhra Pradesh

Madhya
Assam Gujarat Delhi Karnataka
Pradesh

Jharkhand Maharashtra Haryana Kerala

Bihar Rajasthan Himachal Pradesh Puducherry

n
Meghalaya Jammu & Kashmir Tamil Nadu

io
irc y
at
l c op
Manipur ul Ladakh Telangana
na c

Andaman & Nicobar

er ry

Mizoram Punjab
Islands
xt ta
r e en

Odisha Uttar Pradesh

fo lim

Nagaland Uttarakhand
ot p
N om

Sikkim
C

Tripura

West Bengal

51
Annexure 3: Panel of NBFC-MFIs

# Q4 FY 20-21 Q3 FY 20-21 Q4 FY 19-20 Q4 FY 18-19

n = 56 n= 55 n = 56 n = 48

1 Adhikar Adhikar Adhikar Adhikar

2 Adi Chitragupta Adi Chitragupta Adi Chitragupta Adi Chitragupta

3 Agora Agora Agora Agora

4 Annapurna Annapurna Annapurna Annapurna

5 Arohan Arohan Arohan Arohan

n
6 Arth Arth Arth Arth

io
irc y
at
7 ASA India ASA India ASA India ASA India
l c op
ul
na c

8 Asirvad Asirvad Asirvad Asirvad

er ry

9 Aviral Aviral Aviral Aviral

xt ta
r e en

10 Belstar Belstar Belstar Belstar

fo lim

11 BWDA BWDA BWDA BWDA

ot p

12 Centrum Centrum Centrum Centrum

N om

13 Chaitanya Chaitanya Chaitanya Chaitanya

C

14 CreditAccess CreditAccess CreditAccess CreditAccess

15 Fino Finance Fino Finance Fino Finance Fino Finance

16 Fusion Fusion Fusion Fusion

17 G U Financial G U Financial G U Financial

18 Growing Opportunity Growing Opportunity Growing Opportunity Growing Opportunity

19 Hindusthan Hindusthan Hindusthan Hindusthan

20 Humana Humana Humana

21 Inditrade Inditrade Inditrade Inditrade

22 Jagaran Jagaran Jagaran Jagaran

52
Annexure 3: Panel of NBFC-MFIs

# Q4 FY 20-21 Q3 FY 20-21 Q4 FY 19-20 Q4 FY 18-19

n = 56 n= 55 n = 56 n = 48

23 Janakalyan Janakalyan Janakalyan Janakalyan

24 Light Light Light Light

25 M Power M Power M Power M Power

26 Madura Madura Madura Madura

27 Magenta Magenta Magenta

n
28 Midland Midland Midland Midland

io
irc y
at
29 Mitrata Mitrata Mitrata Mitrata
l c op
ul
30 MSM MSM MSM MSM
na c
er ry

31 Muthoot Microfin Muthoot Microfin Muthoot Microfin Muthoot Microfin

xt ta
r e en

32 Namra Namra Namra Namra

fo lim

33 Need Need Need Need

ot p

34 Nightingale Nightingale Nightingale Nightingale

N om

35 Saija Saija Saija Saija

C

36 Samasta Samasta Samasta Samasta

37 Samavesh Samavesh Samavesh

38 Sarala Sarala Sarala Sarala

39 Sarwadi Sarwadi

40 Satin Satin Satin Satin

41 Satya Satya Satya Satya

42 Save Save Save SAVE

43 Share Share Share Share

44 Sindhuja Sindhuja Sindhuja Sindhuja

53
Annexure 3: Panel of NBFC-MFIs

# Q4 FY 20-21 Q3 FY 20-21 Q4 FY 19-20 Q4 FY 18-19

n = 56 n= 55 n = 56 n = 48
45 Sonata Sonata Sonata Sonata

46 SouthIndia SouthIndia SouthIndia

47 Spandana Spandana Spandana Spandana

48 Svamaan Svamaan Svamaan

49 Svasti Svasti Svasti Svasti

50 Svatantra Svatantra Svatantra Svatantra

n
51 SVCL SVCL SVCL SVCL

io
52
irc y
at
Unacco Unacco Unacco Unacco
l c op
53 Unnati Unnati
ul
Unnati Unnati
na c

54 Vaya Vaya Vaya Vaya

er ry
xt ta

55 Vector Vector Vector

r e en

56 VFS VFS VFS VFS

fo lim
ot p
N om
C

54
 Annexure 4: Aggregated pan India data

All Small Medium Large All Small Medium Large

Branches Loan accounts (Lakhs)

31-Mar-19 11,475 352 894 10,229 312 3 19 290

31-Mar-20 14,073 488 1,575 12,010 402 4 26 371

31-Dec-20 14,296 528 1,554 12,214 358 4 24 330

n
31-Mar-21 14,673 330 1,809 12,534 377 4 25 349

io
irc y
at
l c op
% change in Q4 FY 19-20 ul
23% 39% 76% 17% 29% 31% 43% 28%
over Q4 FY 18-19 (YoY)
na c
er ry

% change in Q4 FY 20-21
4% -32% 15% 4% -6% -15% -6% -6%
over Q4 FY 19-20 (YoY)
xt ta
r e en

% change in Q4 FY 20-21
3% -38% 16% 3% 5% -16% 6% 6%
over Q3 FY 20-21 (QoQ)
fo lim
ot p

Employees Loan Officers

N om

31-Mar-19 92,035 1,893 6,638 83,504 56,265 1,037 3,828 51,400

C

31-Mar-20 1,15,320 2,904 11,626 1,00,790 71,493 1,696 6,903 62,894

31-Dec-20 1,13,969 2,861 10,535 1,00,573 74,155 1,585 6,410 66,160

31-Mar-21 1,19,634 1,929 11,868 1,05,837 75,563 1,120 7,129 67,314

% change in Q4 FY 19-20
25% 53% 75% 21% 27% 64% 80% 22%
over Q4 FY 18-19 (YoY)

% change in Q4 FY 20-21
4% -34% 2% 5% 6% -34% 3% 7%
over Q4 FY 19-20 (YoY)

% change in Q4 FY 20-21
5% -33% 13% 5% 2% -29% 11% 2%
over Q3 FY 20-21 (QoQ)

55
 Annexure 4: Aggregated pan India data

All Small Medium Large All Small Medium Large

Gross loan portfolio Off balance sheet portfolio

(Rs. Cr) (Rs. Cr)

31-Mar-19 56,061 605 3,357 52,098 13,831 177 899 12,755

31-Mar-20 73,412 744 5,179 67,490 15,971 213 1,402 14,356

31-Dec-20 74,272 747 4,224 69,301 10,904 195 1,232 9,477

n
31-Mar-21 81,475 610 4,761 76,104 12,581 131 1,450 11,001

io
irc y
at
l c op
% change in Q4 FY 19-20 ul
31% 23% 54% 30% 15% 20% 56% 13%
over Q4 FY 18-19 (YoY)
na c
er ry

% change in Q4 FY 20-21
11% -18% -8% 13% -21% -39% 3% -23%
over Q4 FY 19-20 (YoY)
xt ta
r e en

% change in Q4 FY 20-21
10% -18% 13% 10% 15% -33% 18% 16%
over Q3 FY 20-21 (QoQ)
fo lim

Number of loans disbursed Loan amount disbursed

ot p

(Annual Lakhs) (Annual Rs. Cr)

N om

FY 18-19 237 3 15 219 62,033 671 4,106 57,256

C

FY 19-20 278 3 21 254 76,956 869 6,208 69,879

Q3 FY 20-21 170 1 9 160 57,891 284 2,783 54,825

FY 20-21 17% 24% 36% 16% 24% 30% 51% 22%

% change in Q4 FY 18-19
-39% -65% -58% -37% -25% -67% -55% -22%
over Q4 FY 17-18 (YoY)

56
 Annexure 4: Aggregated pan India data

All Small Medium Large All Small Medium Large

Number of loans disbursed Loan amount disbursed

(Quarterly, Lakhs) (Quarterly, Rs. Cr)

Q4 FY 18-19 71 1 5 65 19,551 246 1,428 17,877

Q4 FY 19-20 70 1 6 63 20,748 254 1,846 18,648

Q3 FY 20-21 57 1 2 54 19,580 198 686 18,697

n
Q4 FY 20-21 73 1 4 68 26,220 164 1,472 24,584

io
irc y
at
l c op
% change in Q4 FY 19-20 ul
-2% -6% 16% -3% 6% 3% 29% 4%
over Q4 FY 18-19 (YoY)
na c
er ry

% change in Q4 FY 20-21
5% -38% -25% 9% 26% -35% -20% 32%
over Q4 FY 19-20 (YoY)
xt ta
r e en

% change in Q4 FY 20-21
28% -28% 113% 26% 34% -17% 115% 31%
over Q3 FY 20-21 (QoQ)
fo lim

Average loan amount outstanding Average loan amount disbursed

ot p

per account (Rs.) per account (Annual, Rs.)

N om

FY 18-19 26,201 26,438 26,666 26,165

C

17,948 18,082 18,111 17,936

FY 19-20 27,694 27,722 29,604 27,535

18,279 16,979 19,562 18,202

Q3 FY 20-21 34,125 26,051 31,546 34,323

20,753 16,809 17,907 21,010

FY 20-21 139 125 141 138

21,595 16,428 19,128 21,826

% change in Q4 FY 18-19
2% -6% 8% 1% 6% 5% 11% 5%
over Q4 FY 17-18 (YoY)

% change in Q4 FY 19-20
18% -3% -2% 20% -99% -100% -100% -99%
over Q4 FY 18-19 (YoY)

% change in Q4 FY 20-21
4% -2% 7% 4% -100% -100% -100% -100%
over Q3 FY 20-21 (QoQ)

57
 Annexure 4: Aggregated pan India data

All Small Medium Large All Small Medium Large

Average client per loan officer Average GLP loan officer (Rs. Cr)

Q4 FY 18-19 475 322 481 477 1.00 0.58 0.88 1.01

Q4 FY 19-20 442 243 364 456 1.03 0.44 0.75 1.07

Q3 FY 20-21 414 270 361 422 1.00 0.47 0.66 1.05

n
Q4 FY 20-21 414 290 342 424 1.08 0.55 0.67 1.13

io
irc y
at
l c op
% change in Q4 FY 19-20 ul
-7% -25% -24% -4% 3% -25% -14% 6%
over Q4 FY 18-19 (YoY)
na c
er ry

% change in Q4 FY 20-21
-6% 20% -6% -7% 5% 24% -11% 5%
over Q4 FY 19-20 (YoY)
xt ta
r e en

% change in Q4 FY 20-21
0% 8% -5% 0% 8% 16% 1% 8%
over Q3 FY 20-21 (QoQ)
fo lim
ot p

Average client per branch Average GLP per branch (Rs. Cr)
N om

Q4 FY 18-19 2,327 947 2,061 2,398 4.89 1.72 3.76 5.09

C

Q4 FY 19-20 2,245 843 1,595 2,388 5.22 1.52 3.29 5.62

Q3 FY 20-21 2,147 810 1,491 2,288 5.20 1.42 2.72 5.67

Q4 FY 20-21 2,133 985 1,347 2,277 5.55 1.85 2.63 6.07

% change in Q4 FY 19-20
-4% -11% -23% 0% 7% -11% -12% 10%
over Q4 FY 18-19 (YoY)

% change in Q4 FY 20-21
-5% 17% -16% -5% 6% 21% -20% 8%
over Q4 FY 19-20 (YoY)

% change in Q4 FY 20-21
-1% 22% -10% 0% 7% 31% -3% 7%
over Q3 FY 20-21 (QoQ)

58
 Annexure 4: Aggregated pan India data

All Small Medium Large All Small Medium Large

Total Debt funding (Annual, Rs. Cr) Securitization (Annual, Rs. Cr)

Q4 FY 18-19 29,527 313 2,346 26,867 12,008 44 300 11,665

Q4 FY 19-20 37,366 390 2,352 34,623 32,066 20 593 31,453

Q3 FY 20-21 40,797 173 1,415 39,209 3,888 0 91 3,797

n
Q4 FY 20-21 27% 25% 0% 29% 167% -53% 98% 170%

io
irc y
at
l c op
% change in Q4 FY 19-20 ul
9% -56% -40% 13% -88% -100% -85% -88%
over Q4 FY 18-19 (YoY)
na c
er ry

Total Debt funding (Quarter, Rs. Cr) Securitization (Quarter, Rs. Cr)
xt ta
r e en

Q4 FY 18-19 9,183 128 750 8,305 6,497 14 269 6,214

fo lim
ot p

Q4 FY 19-20 12,194 111 678 11,405 7,228 12 103 7,113

N om

Q3 FY 20-21 10,787 70 239 10,478 1,023 0 16 1,007

C

Q4 FY 20-21 14,951 89 696 14,167 3,317 0 55 3,262

% change in Q4 FY 19-20
33% -13% -10% 37% 11% -14% -62% 14%
over Q4 FY 18-19 (YoY)

% change in Q4 FY 20-21
23% -20% 3% 24% -54% -100% -47% -54%
over Q4 FY 19-20 (YoY)

% change in Q4 FY 20-21
39% 26% 192% 35% 224% 246% 224%
over Q3 FY 20-21 (QoQ)

59
 Annexure 4: Aggregated pan India data

All Small Medium Large All Small Medium Large

Total Assets (Rs. Cr) Outstanding borrowings (Rs. Cr)

Q4 FY 18-19 55,323 646 3,071 51,606 39,859 417 2,441 37,001

Q4 FY 19-20 72,646 685 4,527 67,433 53,485 448 3,502 49,535

Q3 FY 20-21 79,810 733 3,970 75,108 58,195 473 2,797 54,925

n
Q4 FY 20-21 87,450 655 4,351 82,444 64,078 425 2,953 60,700

io
irc y
at
l c op
% change in Q4 FY 19-20 ul
31% 6% 47% 31% 34% 7% 43% 34%
over Q4 FY 18-19 (YoY)
na c
er ry

% change in Q4 FY 20-21
20% -4% -4% 22% 20% -5% -16% 23%
over Q4 FY 19-20 (YoY)
xt ta
r e en

% change in Q4 FY 20-21
10% -11% 10% 10% 10% -10% 6% 11%
over Q3 FY 20-21 (QoQ)
fo lim
ot p
N om
C

60
 Annexure
Annexure5:5:Aggregated
Aggregatedstate
statelevel
leveldata
data
Loan
Loans Average loan
Financial MFI GLP Clients amount
State Branches Employees disbursed disbursed per
Year count (Rs Cr) (Lk) disbursed
(Lk) account (Rs)
(Rs Cr)
Q4 FY 20-21 19 1,953 10.3 496 3,615 1,175.4 4.31 27,286
AS
Q4 FY 19-20 19 2,222 12.2 529 4,036 2,367.9 10.02 23,642
Q4 FY 20-21 35 9,293 39.4 1,673 13,103 6,496.1 20.43 31,792
BH
Q4 FY 19-20 34 8,561 39.1 1,561 11,850 9,505.5 34.52 27,535
Q4 FY 20-21 27 2,179 8.6 524 3,701 1,634.0 4.72 34,646
CG
Q4 FY 19-20 26 1,933 8.8 537 3,753 2,018.0 7.07 28,540
Q4 FY 20-21 5 295 0.1 11 412 120.8 0.04 3,18,812
DL
Q4 FY 19-20 4 204 0.1 7 383 151.6 0.06 2,71,493

n
io
Q4 FY 20-21 21 1,923 8.0 469 3,563 1,321.2 3.79 34,838
GJ
irc y
at
Q4 FY 19-20 21 1,705 7.9 452 3,490 1,629.9 5.31 30,679
l c op
ul
Q4 FY 20-21 6 56 0.2 16 76 38.4 0.10 37,897
na c

GO
er ry

Q4 FY 19-20 6 58 0.3 16 70 52.3 0.16 33,659

xt ta

Q4 FY 20-21 5 38 0.2 15 81 30.6 0.09 33,359

HP
r e en

Q4 FY 19-20 5 26 0.1 9 58 27.4 0.09 31,280

fo lim

Q4 FY 20-21 23 1,368 5.6 289 2,716 1,008.3 2.94 34,280

HR
Q4 FY 19-20 21 1,175 4.9 239 2,216 1,180.5 3.67 32,176
ot p
N om

Q4 FY 20-21 28 2,249 9.3 496 3,434 1,767.7 5.57 31,759

JH
C

Q4 FY 19-20 27 1,765 8.4 436 2,950 1,985.5 7.31 27,168

Q4 FY 20-21 19 9,422 25.9 1,114 10,308 7,883.1 21.57 36,545
KA
Q4 FY 19-20 19 8,271 26.9 1,068 10,337 8,634.3 38.42 22,475
Q4 FY 20-21 11 2,511 9.3 393 3,547 1,325.6 4.00 33,166
KL
Q4 FY 19-20 10 2,525 9.9 365 3,512 2,212.3 6.94 31,883
Q4 FY 20-21 26 7,067 24.4 1,112 9,257 4,887.0 13.00 37,593
MH
Q4 FY 19-20 26 6,685 25.9 1,154 9,872 7,185.4 26.54 27,075
Q4 FY 20-21 7 21 0.1 10 43 18.1 0.07 27,520
ML
Q4 FY 19-20 7 28 0.2 11 42 38.7 0.15 25,325
Q4 FY 20-21 27 6,888 25.4 1,275 10,340 5,268.8 14.38 36,635
MP
Q4 FY 19-20 26 5,974 25.7 1,256 9,917 6,198.9 21.03 29,472

* data only shown for states where 5 or more MFIs are operating

61
 Annexure
Annexure5:5:Aggregated
Aggregatedstate
statelevel
leveldata
data
Loan
Loans Average loan
Financial MFI GLP Clients amount
State Branches Employees disbursed disbursed per
Year count (Rs Cr) (Lk) disbursed
(Lk) account (Rs)
(Rs Cr)
Q4 FY 20-21 26 6,981 28.0 1,286 10,150 4,608.6 13.76 33,483
OR
Q4 FY 19-20 26 6,248 28.8 1,234 10,064 6,259.2 21.04 29,745
Q4 FY 20-21 14 2,087 8.6 306 3,036 1,194.2 3.74 31,946
PB
Q4 FY 19-20 14 2,094 8.6 305 2,800 2,237.8 7.09 31,548
Q4 FY 20-21 13 145 0.6 32 217 399.2 1.18 33,685
PY
Q4 FY 19-20 13 236 1.0 36 316 173.8 0.57 30,401
Q4 FY 20-21 26 3,661 14.7 812 5,792 2,460.2 6.90 35,647
RJ
Q4 FY 19-20 24 2,808 12.3 727 5,293 2,980.0 9.65 30,881

n
io
Q4 FY 20-21 5 12 0.1 11 33 297.1 1.02 29,236
SK
irc y
at
Q4 FY 19-20 5 10 0.1 11 38 13.1 0.05 27,015
l c op
ul
Q4 FY 20-21 19 9,380 36.6 1,498 12,675 5,949.0 17.37 34,250
na c

TN
er ry

Q4 FY 19-20 19 7,950 36.7 1,412 12,515 7,720.5 27.54 28,036

xt ta

Q4 FY 20-21 13 538 2.5 173 1,990 394.5 1.29 30,535

TR
r e en

Q4 FY 19-20 12 522 2.6 161 990 623.6 2.28 27,392

fo lim

Q4 FY 20-21 11 424 1.8 82 669 572.6 1.73 33,185

UK
Q4 FY 19-20 10 392 1.6 78 604 368.2 1.16 31,734
ot p
N om

Q4 FY 20-21 29 6,279 27.0 1,267 10,509 4,366.1 13.36 32,673

UP
C

Q4 FY 19-20 29 5,913 26.9 1,195 10,249 5,986.6 20.39 29,365

Q4 FY 20-21 24 5,591 24.0 1,143 8,607 3,604.9 12.07 29,862
WB
Q4 FY 19-20 24 5,352 24.8 1,123 8,331 6,279.3 23.37 26,867

* data only shown for states where 5 or more MFIs are operating

62
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

CreditAccess FY 20-21 11,341 26,884 26.8 9,641.4 35,938 14 247 964 10,625 7,451 28.7 107 152 11.76 270 385 2,979

n
CreditAccess Q3 FY 20-21 10,203 15% 23,023 231 929 10,912 7,763 28.4 94 131 10.98 260 365 3,054

io
1

irc y
at
CreditAccess FY 19-20 9,896 17,920 51.9 10,389.2 20,000 230 929 10,824 7,716 29.1 91 128 10.65 268 376 3,127

l c op
ul
na c
CreditAccess FY 18-19 7,159 17,288 38.5 8,221.2 21,379 157 670 8,064 5,768 24.7 89 124 10.69 306 428 3,686

er ry
xt ta
Spandana FY 20-21 8,139 31,012 14.2 6,425.8 45,318 18 282 1,052 8,644 6,721 24.4 94 121 7.74 283 364 2,324

r e en
Spandana Q3 FY 20-21 7,764 19% 28,231 286 1,034 8,339 6,389 25.5 93 122 7.51 306 399 2,468

fo lim
2

ot p
Spandana FY 19-20 6,829 22,300 23.3 8,004.2 34,308 280 1,010 8,224 6,103 25.7 83 112 6.76 312 421 2,541

N om
Spandana FY 18-19 4,372 14,723 18.9 4,969.3 26,279 263 919 6,655 4,673 24.6 66 94 4.76 369 526 2,676
C
Satin FY 20-21 7,275 24,419 13.3 4,394.5 33,113 23 372 1,011 10,612 6,588 26.6 69 110 7.20 250 403 2,627

Satin Q3 FY 20-21 6,907 0% 22,794 370 1,021 9,633 7,034 26.5 72 98 6.77 275 376 2,592
3
Satin FY 19-20 7,266 19,974 25.6 8,045.1 31,486 383 1,140 11,148 6,511 30.8 65 112 6.37 276 473 2,704

Satin FY 18-19 6,374 17,682 23.4 6,251.9 26,723 340 977 10,419 5,991 31.5 61 106 6.52 302 526 3,224

63
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Asirvad FY 20-21 5,985 15,866 12.4 3,632.2 29,268 24 326 1,062 7,233 4,490 24.1 83 133 5.64 334 538 2,273

n
Asirvad Q3 FY 20-21 5,358 9% 14,426 319 1,047 7,240 4,592 23.6 74 117 5.12 326 514 2,254

io
4

irc y
at
Asirvad FY 19-20 5,503 14,570 21.1 4,779.8 22,628 314 1,042 6,206 3,337 23.7 89 165 5.28 381 709 2,272

l c op
ul
na c
Asirvad FY 18-19 3,841 13,146 20.9 4,285.1 20,466 290 942 4,951 2,674 18.1 78 144 4.08 365 676 1,918

er ry
xt ta
Muthoot Microfin FY 20-21 4,977 21,840 7.6 2,580.6 33,855 16 249 755 6,961 4,622 18.6 71 108 6.59 267 402 2,461

r e en
Muthoot Microfin Q3 FY 20-21 4,762 1% 21,402 246 745 6,677 4,376 18.0 71 109 6.39 270 412 2,423

fo lim
5

ot p
Muthoot Microfin FY 19-20 4,932 21,833 12.3 4,065.6 33,164 245 692 7,265 4,754 18.8 68 104 7.13 259 396 2,721

N om
Muthoot Microfin FY 18-19 4,354 23,150 14.6 4,557.6 31,161 217 557 6,833 3,940 15.9 64 111 7.82 233 404 2,855
C
Annapurna FY 20-21 4,804 23,537 8.6 3,086.2 35,989 18 320 870 7,304 4,492 18.5 66 107 5.52 253 412 2,126

Annapurna Q3 FY 20-21 4,466 20% 22,988 311 845 7,035 4,355 17.8 63 103 5.29 252 408 2,102
6
Annapurna FY 19-20 4,009 22,672 11.4 4,013.6 35,207 292 718 5,953 3,553 17.5 67 113 5.58 295 494 2,443

Annapurna FY 18-19 3,018 19,776 10.0 3,133.2 31,338 232 570 4,946 2,940 15.1 61 103 5.30 305 512 2,643

64
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Samasta FY 20-21 4,796 23,734 10.9 3,694.8 33,900 17 252 618 6,835 4,060 16.2 70 118 7.76 237 398 2,618

n
Samasta Q3 FY 20-21 3,956 41% 19,823 249 606 6,295 4,416 15.6 63 90 6.53 248 354 2,578

io
7

irc y
at
Samasta FY 19-20 3,400 18,653 11.3 3,079.2 27,279 228 561 5,865 3,521 15.4 58 97 6.06 263 438 2,750

l c op
ul
na c
Samasta FY 18-19 2,286 20,458 8.9 2,418.2 27,072 210 493 4,812 2,881 10.1 47 79 4.64 210 350 2,047

er ry
xt ta
Arohan FY 20-21 4,648 21,487 13.2 3,923.3 29,635 16 230 736 6,790 4,516 20.6 68 103 6.31 304 457 2,803

r e en
Arohan Q3 FY 20-21 4,854 -4% 21,542 230 721 6,395 4,046 22.1 76 120 6.73 345 545 3,061

fo lim
8

ot p
Arohan FY 19-20 4,854 18,068 23.6 5,044.1 21,373 229 712 6,272 4,028 23.1 77 121 6.82 368 572 3,237

N om
Arohan FY 18-19 4,045 21,035 15.9 4,576.0 28,713 202 593 4,765 3,085 18.7 85 131 6.82 391 605 3,145
C
Fusion FY 20-21 4,638 21,550 11.4 3,676.3 32,113 18 323 710 6,406 4,188 21.2 72 111 6.53 331 506 2,987

Fusion Q3 FY 20-21 4,108 27% 19,711 303 646 5,530 3,473 20.5 74 118 6.36 371 591 3,178
9
Fusion FY 19-20 3,657 19,539 12.0 3,572.9 29,801 283 591 5,490 3,536 16.5 67 103 6.19 301 468 2,800

Fusion FY 18-19 2,641 16,771 10.7 2,820.5 26,427 254 520 4,398 2,841 15.5 60 93 5.08 353 546 2,984

65
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Svatantra FY 20-21 3,564 13,114 6.6 2,414.4 36,517 17 247 512 4,613 2,468 12.9 77 144 6.96 279 522 2,518

n
Svatantra Q3 FY 20-21 2,840 37% 24,798 249 515 4,314 2,343 11.0 66 121 5.51 254 467 2,127

io
10

irc y
at
Svatantra FY 19-20 2,602 10,661 6.9 2,486.3 36,252 221 446 3,927 2,107 10.1 66 123 5.83 258 480 2,269

l c op
ul
na c
Svatantra FY 18-19 1,232 21,011 3.8 1,132.4 29,995 149 275 2,499 1,579 5.6 49 78 4.48 224 355 2,040

er ry
xt ta
Belstar FY 20-21 3,299 18,635 7.1 2,435.0 34,430 18 170 649 4,562 2,105 13.8 72 157 5.08 303 656 2,127

r e en
Belstar Q3 FY 20-21 2,885 40% 21,815 166 619 4,365 2,034 11.6 66 142 4.66 267 572 1,880

fo lim
11

ot p
Belstar FY 19-20 2,359 13,723 8.5 2,619.2 30,747 155 603 4,425 2,078 12.0 53 114 3.91 272 579 1,996

N om
Belstar FY 18-19 1,841 21,283 6.1 1,797.4 29,355 76 400 2,876 1,446 6.8 64 127 4.60 235 468 1,692
C
Madura FY 20-21 2,275 20,717 3.7 1,368.7 36,893 8 97 460 3,774 2,108 11.0 60 108 4.94 291 521 2,387

Madura Q3 FY 20-21 2,121 8% 16,955 96 460 3,792 2,142 12.5 56 99 4.61 330 584 2,720
12
Madura FY 19-20 2,100 17,780 6.0 1,858.4 31,068 92 464 3,672 1,972 11.8 57 106 4.53 322 599 2,545

Madura FY 18-19 1,957 20,367 6.2 1,774.0 28,796 74 357 2,678 1,392 9.6 73 141 5.48 359 690 2,691

66
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Sonata FY 20-21 1,504 20,144 2.2 807.8 37,368 9 132 450 2,934 1,934 7.5 51 78 3.34 255 386 1,660

n
Sonata Q3 FY 20-21 1,278 -14% 17,756 132 448 2,878 1,882 7.2 44 68 2.85 250 382 1,606

io
13

irc y
at
Sonata FY 19-20 1,755 20,664 5.1 1,678.5 33,071 129 443 2,926 1,892 8.5 60 93 3.96 290 449 1,917

l c op
ul
na c
Sonata FY 18-19 1,441 19,808 4.1 1,300.9 31,847 126 436 2,791 1,797 7.3 52 80 3.31 261 405 1,669

er ry
xt ta
Satya FY 20-21 1,504 28,526 3.4 1,225.1 36,115 22 160 187 2,555 1,772 5.3 59 85 8.04 206 298 2,819

r e en
Satya Q3 FY 20-21 1,094 48% 23,932 152 179 2,172 1,514 4.0 50 72 6.11 186 267 2,258

fo lim
14

ot p
Satya FY 19-20 1,018 22,807 2.9 912.4 31,616 131 150 1,879 1,246 4.5 54 82 6.79 237 358 2,975

N om
Satya FY 18-19 622 23,667 2.0 629.4 31,396 84 84 1,026 663 2.6 61 94 7.40 256 396 3,127
C
Chaitanya FY 20-21 1,385 23,701 3.8 1,288.6 33,876 8 68 275 2,462 1,274 5.1 56 109 5.04 207 400 1,855

Chaitanya Q3 FY 20-21 1,033 58% 20,450 68 262 2,217 1,485 4.6 47 70 3.94 207 309 1,750
15
Chaitanya FY 19-20 878 18,963 4.1 1,163.4 28,232 54 235 2,201 1,031 4.3 40 85 3.74 194 415 1,819

Chaitanya FY 18-19 572 16,840 3.2 819.1 25,875 38 177 1,582 720 3.4 36 79 3.23 215 472 1,918

67
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

ASA India FY 20-21 1,315 17,829 3.7 1,032.4 27,800 7 61 409 2,478 1,697 7.4 53 77 3.21 298 435 1,803

n
ASA India Q3 FY 20-21 1,220 -2% 17,091 60 400 2,371 1,845 7.1 51 66 3.05 301 387 1,785

io
16

irc y
at
ASA India FY 19-20 1,336 18,034 7.2 2,053.4 28,663 60 410 2,699 2,097 7.4 50 64 3.26 275 353 1,807

l c op
ul
na c
ASA India FY 18-19 1,036 17,488 5.9 1,582.8 26,939 49 320 1,998 1,450 5.9 52 71 3.24 296 408 1,851

er ry
xt ta
Vaya FY 20-21 1,142 18,477 2.5 696.7 27,629 8 98 279 1,903 1,355 5.8 60 84 4.09 305 428 2,077

r e en
Vaya Q3 FY 20-21 1,050 -8% 16,989 94 257 1,768 1,241 5.8 59 85 4.08 326 465 2,246

fo lim
17

ot p
Vaya FY 19-20 1,238 17,074 4.1 1,199.3 29,434 101 286 2,048 1,494 6.9 60 83 4.33 335 459 2,399

N om
Vaya FY 18-19 1,110 17,881 4.4 1,223.7 27,942 79 235 1,569 1,133 6.0 71 98 4.72 382 529 2,552
C
Midland FY 20-21 799 18,487 2.8 688.4 24,803 8 113 217 2,105 1,143 4.1 38 70 3.68 197 362 1,908

Midland Q3 FY 20-21 738 3% 17,268 110 213 2,065 1,152 4.0 36 64 3.46 192 344 1,863
18
Midland FY 19-20 778 18,204 3.6 1,034.6 28,476 101 197 1,763 813 3.9 44 96 3.95 222 480 1,983

Midland FY 18-19 549 16,662 3.3 836.5 25,678 80 154 1,438 702 3.0 38 78 3.57 206 422 1,924

68
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

VFS FY 20-21 792 17,980 0.9 236.1 26,092 13 78 246 1,535 1,023 4.1 52 77 3.22 269 403 1,676

n
VFS Q3 FY 20-21 905 -27% 19,524 78 246 1,436 942 4.4 63 96 3.68 306 466 1,785

io
19

irc y
at
VFS FY 19-20 1,091 22,554 4.1 1,325.0 32,219 78 246 1,465 911 4.8 74 120 4.43 330 531 1,966

l c op
ul
na c
VFS FY 18-19 1,053 22,158 4.5 1,395.3 30,693 74 238 1,451 882 4.8 73 119 4.43 328 539 1,997

er ry
xt ta
Share FY 20-21 Data for Q4 FY 20-21 not available, Q3 FY 20-21 data used for aggregate analysis

r e en
Share Q3 FY 20-21 659 -14% 16,063 298 739 2,867 1,680 4.1 23 39 0.89 143 244 555

fo lim
20

ot p
Share FY 19-20 768 16,347 4.4 1,228.4 28,113 293 746 3,473 2,247 4.7 22 34 1.03 135 209 630

N om
Share FY 18-19 788 15,246 4.9 1,306.8 26,842 294 746 3,259 2,014 5.2 24 39 1.06 159 257 693
C
Namra FY 20-21 641 20,598 1.1 417.6 36,779 7 92 198 1,412 879 3.1 45 73 3.24 221 354 1,573

Namra Q3 FY 20-21 549 3% 17,291 73 171 1,255 864 3.2 44 64 3.21 253 367 1,856
21
Namra FY 19-20 621 16,646 2.3 653.1 28,212 75 171 1,335 853 3.7 47 73 3.63 279 437 2,182

Namra FY 18-19 484 17,727 2.2 589.6 26,367 64 138 1,084 686 2.7 45 71 3.51 252 398 1,979

69
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Light FY 20-21 624 27,705 1.0 448.8 47,091 8 69 135 1,227 748 2.3 51 83 4.62 183 301 1,667

n
Light Q3 FY 20-21 554 31% 26,623 51 111 1,017 592 2.0 54 94 4.99 198 339 1,810

io
22

irc y
at
Light FY 19-20 476 24,729 1.2 450.7 37,525 54 119 1,052 613 1.9 45 78 4.00 183 314 1,617

l c op
ul
na c
Light FY 18-19 280 23,233 0.8 275.0 33,038 45 74 591 308 1.2 47 91 3.78 203 389 1,621

er ry
xt ta
SVCL FY 20-21 492 19,708 0.8 329.0 40,013 9 112 149 1,406 951 2.5 35 52 3.30 177 262 1,674

r e en
SVCL Q3 FY 20-21 469 -18% 16,277 111 148 1,375 994 2.9 34 47 3.17 209 290 1,945

fo lim
23

ot p
SVCL FY 19-20 601 17,084 2.2 673.4 30,880 131 218 1,730 1,094 3.5 35 55 2.75 203 321 1,612

N om
SVCL FY 18-19 747 15,915 3.9 906.8 23,084 131 226 1,999 1,332 4.7 37 56 3.30 235 352 2,076
C
Centrum FY 20-21 459 22,084 1.0 326.7 33,785 9 73 131 852 436 2.1 54 105 3.51 244 477 1,587

Centrum Q3 FY 20-21 367 -2% 18,242 73 130 844 417 2.0 43 88 2.82 238 482 1,547
24
Centrum FY 19-20 469 20,876 1.3 410.3 31,702 73 130 938 479 2.2 50 98 3.61 239 469 1,727

Centrum FY 18-19 218 19,566 0.7 215.5 29,889 17 50 463 223 1.1 47 98 4.35 240 499 2,224

70
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Svasti FY 20-21 421 21,741 0.5 153.9 33,477 4 41 73 906 619 1.9 46 68 5.77 214 313 2,654

n
Svasti Q3 FY 20-21 400 -1% 20,745 32 64 809 547 1.9 49 73 6.25 233 344 2,941

io
25

irc y
at
Svasti FY 19-20 426 21,269 1.3 374.7 29,387 32 64 861 581 2.0 49 73 6.66 233 345 3,130

l c op
ul
na c
Svasti FY 18-19 320 20,327 1.1 308.1 28,984 19 42 552 294 1.6 58 109 7.61 285 535 3,744

er ry
xt ta
Jagaran FY 20-21 358 18,185 0.7 197.3 27,162 5 36 139 789 382 1.8 45 94 2.58 229 473 1,300

r e en
Jagaran Q3 FY 20-21 396 -25% 17,569 36 139 833 444 2.0 48 89 2.85 243 455 1,455

fo lim
26

ot p
Jagaran FY 19-20 475 18,413 2.4 692.2 28,975 36 134 786 493 2.3 60 96 3.55 295 471 1,733

N om
Jagaran FY 18-19 399 15,699 2.5 611.3 24,266 29 117 699 403 2.5 57 99 3.41 363 630 2,170
C
Arth FY 20-21 309 19,227 0.5 198.2 36,325 4 38 73 544 326 1.6 57 95 4.23 295 492 2,198

Arth Q3 FY 20-21 284 -7% 18,703 37 72 566 341 1.5 50 83 3.94 268 445 2,106
27
Arth FY 19-20 331 19,629 1.2 376.7 31,730 34 69 532 310 1.7 62 107 4.80 317 544 2,444

Arth FY 18-19 244 18,112 1.0 296.6 28,806 33 53 448 253 1.3 54 96 4.60 301 532 2,541

71
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Fino Finance FY 20-21 Data for Q4 FY 20-21 not available, Q3 FY 20-21 data used for aggregate analysis

n
Fino Finance Q3 FY 20-21 285 -35% 18,880 92 182 828 459 1.5 34 62 1.56 182 328 828

io
28

irc y
at
Fino Finance FY 19-20 439 22,446 1.3 479.4 38,351 100 224 1,503 913 2.0 29 48 1.96 130 214 873

l c op
ul
na c
Fino Finance FY 18-19 544 17,240 1.8 630.3 34,558 90 239 1,368 850 3.2 40 64 2.28 231 372 1,321

er ry
xt ta
Sindhuja FY 20-21 252 21,737 0.7 215.7 32,199 5 41 70 477 307 1.2 53 82 3.60 243 378 1,658

r e en
Sindhuja Q3 FY 20-21 193 44% 19,823 39 66 440 273 1.0 44 71 2.93 222 357 1,478

fo lim
29

ot p
Sindhuja FY 19-20 176 20,839 0.7 221.4 29,993 36 56 377 232 0.8 47 76 3.14 223 363 1,505

N om
Sindhuja FY 18-19 61 21,186 0.3 76.7 26,288 16 23 137 86 0.3 45 71 2.67 212 337 1,260
C
SAVE FY 20-21 203 20,751 0.6 184.0 29,300 6 33 56 413 370 1.0 49 55 3.62 237 264 1,746

SAVE Q3 FY 20-21 119 91% 17,309 29 49 329 291 0.7 36 41 2.43 200 226 1,341
30
SAVE FY 19-20 106 17,995 0.5 129.6 26,326 14 28 215 150 0.6 50 71 3.80 275 394 2,113

SAVE FY 18-19 23 23,049 0.1 24.3 24,453 5 19 92 63 0.1 25 36 1.21 108 158 524

72
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Saija FY 20-21 196 20,452 0.2 69.7 38,984 6 61 101 725 385 1.0 27 51 1.94 132 249 948

n
Saija Q3 FY 20-21 203 -36% 19,866 61 101 766 415 1.0 26 49 2.01 127 235 964

io
31

irc y
at
Saija FY 19-20 305 20,055 3.0 687.8 23,145 61 101 973 527 1.4 31 58 3.02 143 265 1,381

l c op
ul
na c
Saija FY 18-19 518 15,893 3.0 687.8 23,145 61 101 1,127 647 3.3 46 80 5.13 289 503 3,225

er ry
xt ta
Sarala FY 20-21 195 14,088 0.9 197.5 22,780 5 29 86 435 299 1.4 45 65 2.26 318 462 1,608

r e en
Sarala Q3 FY 20-21 223 -24% 14,264 29 86 422 285 1.6 53 78 2.59 370 548 1,818

fo lim
32

ot p
Sarala FY 19-20 257 15,362 1.8 433.8 24,770 29 86 452 371 1.7 57 69 2.99 371 451 1,948

N om
Sarala FY 18-19 245 14,070 1.9 412.5 21,724 24 74 390 269 1.7 63 91 3.32 447 648 2,357
C
Inditrade FY 20-21 186 17,523 0.3 116.3 34,788 9 61 171 843 495 1.0 22 38 1.09 117 199 575

Inditrade Q3 FY 20-21 179 -37% 15,291 61 171 915 534 1.1 20 33 1.04 121 207 647
33
Inditrade FY 19-20 296 18,144 1.6 468.6 29,520 61 171 1,032 598 1.6 29 50 1.73 151 260 910

Inditrade FY 18-19 219 20,921 1.2 320.9 26,869 29 81 500 317 1.0 44 69 2.71 210 331 1,294

73
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Mitrata FY 20-21 175 23,262 0.5 155.2 31,244 5 26 43 359 212 0.8 49 82 4.06 209 354 1,745

n
Mitrata Q3 FY 20-21 129 102% 23,160 25 42 349 182 0.6 37 71 3.07 160 306 1,327

io
34

irc y
at
Mitrata FY 19-20 86 19,120 0.4 117.8 27,661 35 35 281 152 0.4 31 57 2.47 160 295 1,282

l c op
ul
na c
Mitrata FY 18-19 44 15,669 0.3 65.4 23,653 14 22 154 133 0.3 28 33 1.99 182 210 1,271

er ry
xt ta
Adhikar FY 20-21 Data for Q3 FY 20-21 not available, Q2 FY 20-21 data used for aggregate analysis

r e en
Adhikar Q3 FY 20-21 165 -11% 14,410 25 76 393 208 1.1 42 79 2.17 291 551 1,507

fo lim
35

ot p
Adhikar FY 19-20 185 15,543 0.6 168.5 29,960 26 86 547 294 1.2 34 63 2.15 217 404 1,381

N om
Adhikar FY 18-19 243 15,941 1.1 281.6 25,907 26 84 599 318 1.5 41 77 2.90 247 466 1,764
C
Janakalyan FY 20-21 161 14,536 0.3 84.9 30,301 6 22 75 463 282 1.1 35 57 2.15 239 393 1,477

Janakalyan Q3 FY 20-21 199 -33% 15,333 22 75 464 281 1.3 43 71 2.65 279 461 1,726
36
Janakalyan FY 19-20 239 17,138 1.3 333.2 25,746 22 75 458 286 1.4 52 84 3.19 305 488 1,861

Janakalyan FY 18-19 153 16,925 1.0 234.4 24,471 14 55 325 196 0.9 47 78 2.78 278 461 1,643

74
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

M Power FY 20-21 159 12,705 0.0 19.5 39,023 3 26 56 518 321 1.0 31 49 2.84 189 304 1,745

n
M Power Q3 FY 20-21 189 -39% 17,741 27 56 534 340 1.1 35 56 3.37 198 312 1,892

io
37

irc y
at
M Power FY 19-20 262 14,662 0.7 233.4 34,239 26 56 540 321 1.3 49 82 4.68 242 408 2,337

l c op
ul
na c
M Power FY 18-19 234 19,064 0.7 205.1 30,883 26 56 550 321 1.2 43 73 4.18 219 376 2,152

er ry
xt ta
Vector FY 20-21 154 21,511 0.4 122.2 32,132 6 62 134 586 404 0.7 26 38 1.15 123 178 536

r e en
Vector Q3 FY 20-21 81 80% 15,335 58 129 523 358 0.5 16 23 0.63 101 148 411

fo lim
38

ot p
Vector FY 19-20 86 16,878 0.5 134.2 24,813 61 129 561 397 0.5 15 22 0.67 91 128 395

N om
Vector FY 18-19 5 22,848 0.0 5.1 24,095 13 20 40 18 0.0 12 27 0.24 53 117 106
C
Growing
FY 20-21 148 19,113 0.1 20.8 40,809 3 15 33 222 130 0.8 66 113 4.47 348 594 2,339
Opportunity

Growing
Q3 FY 20-21 196 -38% 23,092 15 33 238 143 0.8 82 137 5.94 356 593 2,571
Opportunity
39
Growing
FY 19-20 237 25,299 0.5 223.6 42,075 15 33 254 153 0.9 93 155 7.19 369 613 2,841
Opportunity

Growing
FY 18-19 205 23,241 0.5 193.0 37,484 14 29 211 121 0.9 97 170 7.08 412 718 2,998
Opportunity

75
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Humana FY 20-21 138 21,275 0.3 108.7 35,170 4 14 24 214 124 0.6 65 111 5.75 303 523 2,704

n
Humana Q3 FY 20-21 126 5% 19,665 13 23 209 124 0.6 60 101 5.46 306 515 2,777

io
40

irc y
at
Humana FY 19-20 131 19,036 0.3 85.0 32,868 14 24 217 125 0.7 60 105 5.46 317 551 2,869

l c op
ul
na c
Humana FY 18-19 18 19,463 0.1 27.4 29,802 7 8 57 35 0.1 31 51 2.24 161 263 1,149

er ry
xt ta
G U Financial FY 20-21 103 20,203 0.2 58.1 29,948 2 15 41 211 124 0.5 49 83 2.50 241 409 1,238

r e en
G U Financial Q3 FY 20-21 105 -22% 19,794 15 41 221 132 0.5 47 79 2.56 240 401 1,292

fo lim
41

ot p
G U Financial FY 19-20 132 22,486 0.4 126.1 33,417 15 41 240 138 0.6 55 95 3.21 244 424 1,428

N om
G U Financial FY 18-19
C
Adi Chitragupta FY 20-21 102 25,507 0.3 97.5 33,527 2 21 33 243 131 0.4 42 78 3.10 165 306 1,214

Adi Chitragupta Q3 FY 20-21 61 27% 17,769 21 33 201 103 0.3 30 59 1.85 171 333 1,039
42
Adi Chitragupta FY 19-20 80 18,803 0.4 128.2 29,536 21 33 221 118 0.4 36 68 2.43 193 362 1,294

Adi Chitragupta FY 18-19 43 18,172 0.2 63.6 26,062 21 27 139 57 0.2 31 75 1.59 170 415 877

76
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

BWDA FY 20-21 102 22,239 0.5 102.5 21,327 5 17 63 441 164 0.5 23 62 1.61 104 278 725

n
BWDA Q3 FY 20-21 96 63% 17,575 17 59 428 159 0.4 22 60 1.62 99 266 717

io
43

irc y
at
BWDA FY 19-20 62 22,314 0.2 60.9 29,735 17 55 254 91 0.3 25 68 1.13 110 307 508

l c op
ul
na c
BWDA FY 18-19 53 21,114 0.2 56.0 27,021 13 46 228 87 0.2 23 61 1.15 104 272 515

er ry
xt ta
Svamaan FY 20-21 95 19,872 0.4 100.5 28,300 6 34 61 326 178 0.4 29 54 1.56 127 232 678

r e en
Svamaan Q3 FY 20-21 71 110% 18,533 44 61 304 169 0.3 23 42 1.17 114 204 566

fo lim
44

ot p
Svamaan FY 19-20 45 15,714 0.3 64.4 22,060 16 31 246 132 0.3 18 34 1.46 103 192 819

N om
Svamaan FY 18-19 1 0 10 10 58 23 0.0 2 5 0.12 0 0 0
C
Unacco FY 20-21 84 14,775 0.1 26.0 26,683 8 31 48 208 98 0.6 40 86 1.75 270 574 1,171

Unacco Q3 FY 20-21 88 -23% 14,471 31 53 249 115 0.6 35 76 1.65 239 519 1,125
45
Unacco FY 19-20 109 16,059 0.5 159.0 29,729 30 57 298 158 0.7 37 69 1.92 224 423 1,173

Unacco FY 18-19 113 16,249 0.7 162.3 23,902 22 41 226 119 0.7 50 95 2.77 297 563 1,635

77
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

SouthIndia FY 20-21 81 14,630 0.1 11.6 7,821 2 14 21 181 95 0.2 45 85 3.85 88 167 755

n
SouthIndia Q3 FY 20-21 94 -37% 22,421 14 21 198 99 0.4 47 95 4.47 194 387 1,826

io
46

irc y
at
SouthIndia FY 19-20 128 23,019 0.6 153.7 26,002 12 21 351 161 0.2 36 79 6.08 43 94 722

l c op
ul
na c
SouthIndia FY 18-19

er ry
xt ta
Nightingale FY 20-21 69 15,741 0.1 20.6 33,377 4 16 37 168 92 0.4 41 75 1.87 261 477 1,186

r e en
Nightingale Q3 FY 20-21 82 -18% 17,969 16 37 164 91 0.5 50 91 2.23 280 504 1,239

fo lim
47

ot p
Nightingale FY 19-20 85 18,197 0.2 75.3 32,235 16 37 170 91 0.5 50 93 2.28 273 510 1,255

N om
Nightingale FY 18-19 92 17,723 0.4 105.2 28,781 16 37 151 85 0.5 61 108 2.48 343 610 1,402
C
Unnati FY 20-21 68 17,986 0.1 26.8 33,355 2 8 22 204 110 0.4 33 62 3.08 185 342 1,711

Unnati Q3 FY 20-21 65 -13% 17,946 8 22 206 113 0.4 32 58 2.97 177 322 1,656
48
Unnati FY 19-20 78 12,541 0.2 65.6 32,907 8 25 267 146 0.4 29 53 3.11 147 268 1,567

Unnati FY 18-19 72 19,733 0.2 58.4 32,727 6 15 145 78 0.4 49 92 4.78 251 466 2,423

78
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

MSM FY 20-21 63 17,386 0.1 34.2 27,119 4 15 21 139 88 0.4 46 72 3.02 262 414 1,735

n
MSM Q3 FY 20-21 52 4% 15,866 11 17 121 76 0.3 43 69 3.07 272 432 1,933

io
49

irc y
at
MSM FY 19-20 61 18,365 0.3 64.8 24,450 9 15 112 70 0.3 54 87 4.05 295 473 2,206

l c op
ul
na c
MSM FY 18-19 35 14,287 0.1 30.4 21,531 7 12 85 47 0.2 41 73 2.88 284 514 2,013

er ry
xt ta
Agora FY 20-21 44 18,326 0.0 8.6 29,800 1 6 16 95 61 0.2 46 72 2.76 253 394 1,504

r e en
Agora Q3 FY 20-21 47 3% 18,566 4 19 98 81 0.3 48 58 2.45 256 310 1,322

fo lim
50

ot p
Agora FY 19-20 43 15,748 0.1 43.7 31,147 6 18 96 62 0.3 45 69 2.38 284 440 1,514

N om
Agora FY 18-19 41 19,133 0.2 45.3 28,001 2 12 73 35 0.2 56 116 3.39 291 608 1,772
C
NEED FY 20-21 24 10,731 0.0 2.1 39,526 3 13 30 106 91 0.2 23 26 0.80 211 245 744

NEED Q3 FY 20-21 31 -48% 11,927 13 30 121 70 0.3 25 44 1.02 212 366 853
51
NEED FY 19-20 46 15,598 0.2 44.2 29,433 18 38 166 115 0.3 28 40 1.21 178 257 777

NEED FY 18-19 52 15,187 0.3 64.8 23,570 21 51 200 109 0.3 26 47 1.01 170 312 668

79
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Aviral FY 20-21 22 16,475 0.0 9.1 34,550 2 14 19 132 66 0.1 17 34 1.18 103 206 715

n
Aviral Q3 FY 20-21 25 -27% 16,385 13 25 137 67 0.2 18 37 0.99 110 224 601

io
52

irc y
at
Aviral FY 19-20 31 15,943 0.1 29.5 28,778 13 25 195 112 0.2 16 28 1.24 99 173 775

l c op
ul
na c
Aviral FY 18-19 31 16,970 0.1 33.2 24,591 13 25 154 83 0.2 20 37 1.24 119 221 733

er ry
xt ta
Samavesh FY 20-21 21 18,929 0.1 27.3 25,589 2 9 15 85 42 0.1 25 51 1.42 133 268 752

r e en
Samavesh Q3 FY 20-21 15 504% 18,131 9 15 77 47 0.1 19 32 1.00 108 176 552

fo lim
53

ot p
Samavesh FY 19-20 4 23,944 0.0 1.6 26,197 6 10 52 26 0.0 7 14 0.35 28 57 148

N om
Samavesh FY 18-19
C
Magenta FY 20-21 15 24,169 0.0 9.8 37,955 3 3 3 29 16 0.1 53 96 5.12 219 397 2,120

Magenta Q3 FY 20-21 15 6% 24,203 3 3 34 16 0.1 43 91 4.84 177 375 2,002

54
Magenta FY 19-20 15 25,950 0.1 19.1 33,580 3 3 25 14 0.1 58 104 4.84 224 400 1,867

Magenta FY 18-19

80
Annexure 6: NBFC-MFI Level Data
# MFIs Period / GLP YoY Av. Loan amt Loan disb. Loans amt disb. Av. Loan disb. States Districts Branches Employees Loan Clients GLP per GLP per GLP per Clients Clients Clients
As on date (Rs. Cr)  outstanding per in FY in FY (Rs. Cr) per account Officers (Lk) employee Loan officer branch per per per
account (Rs) (Rs. lk) for FY (Rs) (Rs Lk) (Rs Lk) (Rs Cr) employee Loan branch
officer

Hindusthan FY 20-21 15 16,008 0.0 3.0 32,157 3 15 26 202 130 0.1 7 11 0.56 45 70 349

n
Hindusthan Q3 FY 20-21 19 9% 22,268 14 25 198 120 0.1 10 16 0.76 43 72 344

io
55

irc y
at
Hindusthan FY 19-20 13 13,007 0.0 2.8 33,333 14 25 210 125 0.1 6 11 0.53 49 82 410

l c op
ul
na c
Hindusthan FY 18-19 36 16,388 0.0 14.5 31,199 14 25 180 98 0.2 20 37 1.44 122 224 878

er ry
xt ta
Sarwadi FY 20-21 8 12,339 0.0 4.1 23,813 1 5 11 54 53 0.1 16 16 0.77 127 130 625

r e en
Sarwadi Q3 FY 20-21 0 -10%

fo lim
56

ot p
Sarwadi FY 19-20 9 12,367 0.1 16.8 22,570 5 9 48 45 0.1 20 21 1.04 158 169 843

N om
Sarwadi FY 18-19
C

81
 Annexure 7: State wise list of NBFC-MFIs
BH UP JH CG
MFI – 35 MFI – 29 MFI – 28 MFI – 27
Adi Chitragupta Sonata Arohan VFS Adi Chitragupta Adhikar
Annapurna Spandana ASA India Annapurna Annapurna
Arohan Svamaan Asirvad Arohan Arohan
ASA India Svatantra Belstar Asirvad Asirvad
Asirvad SVCL Chaitanya Centrum Aviral
Belstar Vaya CreditAccess Chaitanya Belstar
Centrum VFS Fino Finance CreditAccess Centrum
Chaitanya Fusion Fino Finance Chaitanya
CreditAccess Humana Fusion CreditAccess

n
io
Fino Finance Midland
irc y Jagaran Fino Finance

at
l c op
Fusion Mitrata
ul Janakalyan Fusion
na c

Muthoot
Inditrade Midland G U Financial
Microfin
er ry

Growing
xt ta

Jagaran Namra Muthoot Microfin

Opportunity
r e en

Janakalyan Need Saija Light

fo lim

Madura Saija Samasta Muthoot Microfin

ot p

Midland Samasta Sarala Samasta

N om

Mitrata Samavesh Satin Satin

C

Muthoot Microfin Satin Satya Satya

Need Satya Save Save
Saija Save Share Share
Samasta Share Sindhuja Sindhuja
Samavesh Sindhuja Sonata Spandana
Sarala Sonata Spandana Svamaan
Satin Spandana Svamaan Svatantra
Satya Svamaan Svatantra SVCL
Save Svatantra SVCL Vector
Share SVCL Vaya VFS
Sindhuja Vaya VFS

*data only shown for states where 5 or more MFIs are operating 82
 Annexure 7: State - wise list of NBFC-MFIs

MP MH OR RJ WB HR GJ

MFI – 27 MFI – 26 MFI – 26 MFI – 26 MFI – 24 MFI – 23 MFI – 21

Annapurna Agora Adhikar Annapurna Adhikar Annapurna Annapurna

Arohan Annapurna Annapurna Arohan Annapurna Arohan Asirvad
Arth Arohan Arohan Arth Arohan Arth Belstar
Asirvad Asirvad ASA India Asirvad ASA India Asirvad Centrum
Belstar Belstar Asirvad Belstar Asirvad Belstar CreditAccess
Chaitanya Centrum Aviral Centrum Belstar Centrum Fusion
CreditAccess Chaitanya Belstar CreditAccess Centrum Fusion Inditrade
Fino Finance CreditAccess Centrum Fusion Fusion Humana Light

n
io
Fusion Fino Finance CreditAccess
irc y Hindusthan Jagaran Magenta M Power

at
l c op
Hindusthan Fusion Fusion ul Humana Janakalyan Midland Midland
na c

Inditrade Hindusthan G U Financial Light Madura Mitrata MSM

er ry

Muthoot Muthoot Muthoot

Light Inditrade Inditrade M Power
xt ta

Microfin Microfin Microfin

r e en

Mitrata M Power Jagaran Midland Need Namra Namra

fo lim

MSM Madura Janakalyan Mitrata Samasta Saija Samasta

ot p
N om

Muthoot Muthoot Muthoot

Light Sarala Satin Satin
Microfin Microfin Microfin
C

Namra Namra Madura Namra Sarwadi Satya Satya

Muthoot
Samasta Samasta Samasta Satin Save Share
Microfin
Satin Satin Samasta Satin Satya Share Spandana

Satya Share Satin Satya Share Sonata Svasti

Share Sonata Satya Save Spandana Spandana Svatantra
Sonata Spandana Share Share Svatantra Svatantra Unnati

Spandana Svamaan Spandana Sindhuja Unacco SVCL

Svasti Svasti Svatantra Sonata Vector VFS

Svatantra Svatantra Vaya Spandana VFS

SVCL Unnati Vector Svatantra
Vector Vaya VFS SVCL
83
*data only shown for states where 5 or more MFIs are operating
 Annexure 7: State - wise list of NBFC-MFIs
AS KA TN PB PY TR KL

MFI – 19 MFI – 19 MFI – 19 MFI – 14 MFI – 13 MFI – 13 MFI – 11

Adhikar Annapurna Annapurna Annapurna Asirvad Annapurna Asirvad

Annapurna Arohan Asirvad Arth Belstar Arohan Belstar

Arohan Asirvad Belstar Asirvad BWDA ASA India BWDA

ASA India Belstar BWDA Belstar CreditAccess Asirvad CreditAccess

Asirvad BWDA CreditAccess Fusion Fusion Belstar Inditrade

Growing
Fusion Chaitanya Fusion Magenta Janakalyan Madura
Opportunity

n
Growing Muthoot

io
Jagaran CreditAccess Midland Inditrade Samasta
Opportunity Microfin
irc y
at
l c op
ul Muthoot
Janakalyan Inditrade Inditrade Madura Satin Samasta
na c

Microfin
er ry

Light Madura Madura Saija MSM Satya Share

xt ta
r e en

Muthoot
Nightingale MSM Satin Samasta Svatantra Spandana
Microfin
fo lim

Muthoot
Samasta Samasta Satya Satin Unacco Svatantra
ot p

Microfin
N om

Sarala Satin Samasta Sonata Satya Vector

C

Satin Satya Satin Svatantra Spandana VFS

Satya Share Satya SVCL

Share SouthIndia Share

Svatantra Spandana SouthIndia

Unacco Svamaan Spandana

Vector Svatantra Svatantra

VFS Vaya Vaya

*data only shown for states where 5 or more MFIs are operating 84
 Annexure 7: State - wise list of NBFC-MFIs

UK ML GO DL HP SK

MFI – 11 MFI – 7 MFI – 6 MFI – 5 MFI – 5 MFI – 5

Annapurna Annapurna Asirvad Belstar Annapurna Asirvad

Asirvad Arohan CreditAccess Fusion Fusion Sarala

Muthoot
Belstar ASA India Satin Midland Satin
Microfin

Fusion Nightingale Samasta Satya Satin Unacco

Namra Satin Share Share Satya VFS

n
io
irc y
at
Satin Unacco Spandana
l c op
ul
na c

Satya VFS
er ry
xt ta

Share
r e en
fo lim

Sonata
ot p
N om

SVCL
C

VFS

*data only shown for states where 5 or more MFIs are operating 85
Annexure 8: MFI level pricing data

Weighted average rate of

Range of interest rates*
# NBFC-MFI interest for qualifying
FY 20-21
portfolio

1 Adhikar
2 Adi Chitragupta 20-25% 22.58%
3 Agora
4 Annapurna 13-28% 22.00%
5 Arohan 15-23% 20.48%
6 Arth 22.00% 22.00%

n
7 ASA India 22-26% 21.89%

io
irc y
at
8 Asirvad 20-26% 21.10%
l c op
ul
9 Aviral 22-25% 24.23%
na c
er ry

10 Belstar 20.86% 20.52%

xt ta

11 BWDA 18-24% 22.83%

r e en

12 Centrum 22-26% 21.93%

fo lim

13 Chaitanya 21.73% 21.73%

ot p
N om

14 CreditAccess 18-23% 16.83%

15 Fino Finance
C

16 Fusion 21-24% 21.51%

17 G U Financial 21.89% 21.89%
18 Growing Opportunity 21.89% 21.89%
19 Hindusthan 24.03% 24.03%
20 Humana 22-25% 23.20%
21 Inditrade 21.89% 21.89%
22 Jagaran 21.75% 21.75%
23 Janakalyan 21-25% 21.54%
24 Light 21.89% 21.89%
25 M Power 24-25% 25.07%
* Note: Interest rate as depicted in the annexure is the weighted average rate of interest charged by Member institutions on
existing qualifying loan portfolio outstanding 86
Annexure 8: MFI level pricing data
Weighted average rate of
Range of interest rates*
# NBFC-MFI interest for qualifying
FY 20-21
portfolio
26 Madura 21.00% 20.97%
27 Magenta 21.87% 21.87%
28 Midland 21-27% 21.51%
29 Mitrata 21.89% 21.89%
30 MSM 21.18% 21.18%
31 Muthoot Microfin 21.05% 21.05%
32 Namra

n
io
33 NEED irc y 21.89% 21.89%

at
l c op
34 Nightingale ul 20-25% 24.87%
na c

35 Saija 22-25% 23.73%

er ry

36 Samasta 21.89% 21.89%

xt ta
r e en

37 Samavesh 22-26% 22.62%

fo lim

38 Sarala 21.47% 21.47%

Sarwadi 21.89% 21.89%
ot p

39
N om

40 Satin 22.16% 22.16%

C

41 Satya 22-24% 23.95%

42 SAVE 22-25% 22.49%
43 Share
44 Sindhuja 22-25% 22.94%
45 Sonata 21.85% 21.85%
46 SouthIndia 25.00% 25.00%
47 Spandana 21-24% 21.15%
48 SVCL 21-26% 22.55%
49 Svamaan 21.89% 21.89%
50 Svasti

* Note: Interest rate as depicted in the annexure is the weighted average rate of interest charged by Member institutions on
existing qualifying loan portfolio outstanding
87
Annexure 8: MFI level pricing data
Weighted average rate of
Range of interest rates*
# NBFC-MFI interest for qualifying
Q3 FY 20-21
portfolio
51 Svatantra 19-23% 20.99%

52 Unacco 22.33% 22.33%

53 Unnati 22.33% 22.33%

54 Vaya 22-24% 22.63%

55 Vector

56 VFS 22.89% 22.89%

n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim
ot p
N om
C

* Note: Interest rate as depicted in the annexure is the weighted average rate of interest charged by Member institutions on
existing qualifying loan portfolio outstanding
88
 Annexure 9: Glossary

Indicator Definition
The number of individuals who currently have an outstanding loan balance
with the MFI or are primarily responsible for repaying any portion of the loan
Clients
portfolio, gross. Individuals who have multiple loans with an MFI are counted
as a single borrower.
Districts The number of districts in which the MFI is operational
The number of individuals who are actively employed by an entity. This
number includes contract employees or advisors who dedicate a substantial
Employees
portion of their time to the entity, even if they are not on the entity's
employee’s roster
Funding received from
Total funds received from Banks (all banks) during the period
Banks
Funding received from

n
Total funds received from sources other than banks during the period
other FIs

io
Gross Loan Portfolio This includes both; Net Loan Portfolio and Managed Gross Loan Portfolio
irc y
at
l c op
Loan amount disbursed Total amount of loan disbursed by the MFI for the period
ul
The number of employees whose main activity is to manage a portion of the
na c

Loan officers Gross Loan Portfolio. A loan officer is directly responsible for arranging and
er ry

monitoring client loans

xt ta

Loan portfolio created

Loan portfolio created as Business Correspondent
r e en

as BC
The number of loans in the Loan portfolio, gross. For MFIs using a group
fo lim

Loans lending methodology, the number of loans should refer to the number of
individuals receiving loans as part of a group or as part of a group loan.
ot p
N om

Loans disbursed Total number of accounts disbursed by the MFI during the period
Managed Portfolio
Managed Portfolio is the one that is managed by the company but is not shown
C

(Securitized/Buy
in the books of the MFI as it has been securitized, assigned or created as BC
out/Off BS Portfolio)
All outstanding principals due for all outstanding client loans. This includes
Net Loan Portfolio
current, delinquent, and renegotiated loans, but not loans that have been
(Balance Sheet
written off. It does not include interest receivable. Also the portfolio that has
Portfolio)
been Securitized is not included
Off-balance sheet PAR Portfolio at risk (%) calculated for off-balance sheet portfolio
On-balance sheet PAR Portfolio at risk (%) calculated for on-balance sheet portfolio
Outstanding borrowings The principal balance for all funds received through a loan agreement

89
 Annexure 9: Glossary

Indicator Definition
The total principal value outstanding of loans that have at least one
Portfolio at Risk > 180 days
payment more than 180 days overdue
The total principal value outstanding of loans that have at least one
Portfolio at Risk > 30 days
payment more than 30 days overdue
The total principal value outstanding of loans that have at least one
Portfolio at Risk > 90 days
payment more than 90 days overdue
Securitization Total portfolio securitized during the period
MFIs originate a portfolio with their own funding and then sell a portion of
that portfolio to a special purpose vehicle that sells securities backed by
Securitized (Created thru this portfolio. Ownership then transfers to the special purpose vehicle,
SPV) with the MFI becoming the collection agent, generally managing the
collection through the same processes and systems as applied to loans that

n
it owns

io
Ratio of staff left to average number of staff during a one-year period. The
irc y
at
Staff attrition rate average has been taken of quarter end numbers of last quarter of pervious
l c op
ul
financial year and four quarters of current financial year.
na c

Total assets is the sum of property, plant and equipment, investment

er ry

property, goodwill, intangible assets other than goodwill, Other financial

xt ta

assets, loans and receivables, investment accounted for using equity

Total assets method, biological assets, non-current assets classified as held for sale,
r e en

inventories, current tax assets, deferred tax assets, trade and other
fo lim

receivables, and cash and cash equivalents. Total asset = Cash and cash
Equivalent +Net Loan Portfolio + Other assets + Net fixed Assets
ot p
N om

Total funding received Total funds received during the period from all sources
C

90
Annexure 10: Abbreviations
CDR Corporate Debt Restructuring
Cr Crore
FY Financial Year
GLP Gross Loan Portfolio
Lk Lakh
MFI Micro Finance Institution
n Number
o/s Outstanding
PAR Portfolio At Risk

n
QoQ Quarter on Quarter

io
Rs Indian Rupee
irc y
at
l c op
YoY Year on Year
ul
na c
er ry

1 Andaman and Nicobar Islands AN 19 Lakshadweep LD

xt ta

2 Andhra Pradesh AP 20 Madhya Pradesh MP

r e en

3 Arunachal Pradesh AR 21 Maharashtra MH

fo lim

4 Assam AS 22 Manipur MN
ot p

5 Bihar BR 23 Meghalaya ML
N om

6 Chandigarh CH 24 Mizoram MZ
C

7 Chhattisgarh CG 25 Nagaland NL
8 Dadra and Nagar Haveli DN 26 Odisha OR
9 Daman and Diu DD 27 Puducherry PY
10 Delhi DL 28 Punjab PB
11 Goa GA 29 Rajasthan RJ
12 Gujarat GJ 30 Sikkim SK
13 Haryana HR 31 Tamil Nadu TN
14 Himachal Pradesh HP 32 Telangana TL
15 Jammu and Kashmir JK 33 Tripura TR
16 Jharkhand JH 34 Uttar Pradesh UP
17 Karnataka KA 35 Uttarakhand UK
18 Kerala KL 36 West Bengal WB

91
State wise GLP of MFIN Members

31 March 2021

n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim

31 March 2020
ot p
N om
C

92
State wise presence of MFIN Members

31 March 2021

n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim

31 March 2020
ot p
N om
C

93
 n
io
irc y
at
l c op
ul
na c
er ry
xt ta
r e en
fo lim
ot p
N om
C

• Microfinance Institutions Network (MFIN)

• 4003-4004, 4th Floor,Emaar Palms Spring Plaza
• Gurugram, Haryana, 122003, India.
• www.mfinindia.org
• +91 124 4576800