QMR

Quarterly Microfinance Report

April 2022 – June 2022
 Quarterly Microfinance Report (QMR)
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means
without written permission from Sa-Dhan.
 PREFACE
Sa-Dhan has been publishing QMR - Quarterly Microfinance Report (erstwhile Q-MF Report)
since 2015 as a supplement to The Bharat Microfinance Report (BMR). It covers an overview
of quarter-to-quarter comparative analysis on key parameters in the microfinance sector.
This is the 27th issue of the QMR and it provides an overview of the microfinance industry as
of 30 June 2022 (Q1 FY 22-23). The QMR has two broad sections:
Section I: This section showcases the overall position of microfinance based on data
sourced from Equifax on different types of lenders engaged in the microfinance space in
India. The analysis presented in this section is based on 232 lenders (NBFC-MFIs: 84, Banks:
13, Small Finance Banks (SFBs): 9, NBFCs: 78, and Non-profit MFIs: 48).
Section II: The analysis presented in this section is based on self-reported data of 137 MFIs.
This analysis includes a comparative analysis with the corresponding quarter (Q1 FY 22-23)
and previous quarter (Q4 FY 21-22). The list of contributing MFIs is given in Annexure III.
The entirety of the work relating to the report was handled by Mr. Ardhendu Nandi with
the active support of Mr. Sunny Koshy.
We are thankful to all the MFIs and other institutions who have contributed data for this
edition of the QMR. We would be happy if all MFIs provide the data on time so as to build
up a strong database for better analysis.
We, therefore, request all the remaining MFIs also to contribute data to this Report, so that
the entire sector’s data and analysis, irrespective of the legal form and membership with
Sa-Dhan, is available in a single place, and can be utilised for advocacy with the
policymakers and regulators.

We invite your suggestions for improvement of the report for better user benefit.

Jiji Mammen
ED & CEO
Sept’2022
Contents

Section I .......................................................................................................................................................................... 1
Microfinance Industry ............................................................................................................................................. 1
Performance Highlights of the Microfinance Industry ............................................................................... 1
Synopsis .................................................................................................................................................................. 2
1.1 Peer Group-wise Number of Lenders in Microfinance Space: .......................................................................... 3
1.2 Geographical Spread of Microfinance ............................................................................................................... 3
1.3 Active Number of Loans: .................................................................................................................................... 5
1.4. Active Unique Borrower: ................................................................................................................................... 6
1.5. Loan Portfolio Outstanding: .............................................................................................................................. 7
1.6 Portfolio Quality ............................................................................................................................................... 11
1.7 Borrower Leverage: .......................................................................................................................................... 18
1.8 Industry Trends: ................................................................................................................................................ 19
Section II ....................................................................................................................................................................... 22
Performance Highlights of MFIs ...................................................................................................................... 22
1. Branch Network: ............................................................................................................................................. 23
2. Rural-Urban Share of Microfinance Borrowers: ............................................................................................ 23
3. Managed Portfolio:......................................................................................................................................... 24
4. Business Correspondent (BC) Portfolio:......................................................................................................... 24
5. Loan Outstanding Per Borrower: ................................................................................................................... 26
6. Workforce and Productivity: .......................................................................................................................... 26
7. Financial Performance: ................................................................................................................................... 30
8. Cost (Operational & Financial) and Interest Rate (charged to clients) ......................................................... 31
9. Profitability Ratios: ......................................................................................................................................... 34
10 Funding: ...................................................................................................................................................... 34
11. Annexures: ........................................................................................................................................................ 37
 Section I
Microfinance Industry
Performance Highlights of the Microfinance Industry
As on June 2022 As on March 2022 As on Growth
June’21
No. of Value Market No of Value Value Q-o-Q Y-o-Y
Indicators Type of lenders Reported Share lenders (%) (%)
lenders (%)

NBFC-MFIs 84 427 37.9% 82 413 372 3.3% 14.8%

Banks 13 414 36.8% 18 405 376 2.1% 10.0%

No. of Active SFBs 9 175 15.5% 9 172 165 1.5% 5.7%

Loans NBFCs 78 95 8.4% 71 78 74 22.1% 27.3%
(in lakhs)
Non-profit MFIs 48 14 1.3% 45 13 11 7.5% 31.5%
Total Industry 232 1,124 100% 225 1,081 999 4.0% 12.6%
NBFC-MFIs 84 97,849 35.5% 82 94,096 72,384 4.0% 35.2%
Banks 13 1,04,762 38.0% 18 1,02,527 95,911 2.2% 9.2%
Loan SFBs 9 45,684 16.6% 9 44,154 35,785 3.5% 27.7%
Outstanding NBFCs 78 24,870 9.0% 67 19,076 16,085 30.4% 54.6%
(₹ in crores)
Non-profit MFIs 48 2,587 0.9% 45 2,745 2,143 -5.8% 20.7%

Total Industry 232 2,75,750 100% 221 2,62,599 2,22,307 5.0% 24.0%
NBFC-MFIs 63 56 38.4% 66 80 19 -30.0% 194.7%
No. of Loans Banks 11 55 38.0% 11 95 42 -41.7% 31%
Disbursed
during SFBs 8 21 14.4% 9 30 10 -29.2% 110%
April’22 to
June’22 NBFCs 36 13 8.7% 42 16 4 -19.3% 225%
(in lakhs)
Non-profit MFIs 23 1 0.4% 24 4 1 -84.2% 0%

Total Industry 141 145 100% 152 224 77 -35.0% 88.3%

NBFC-MFIs 63 21,640 37.4% 66 30,736 6,678 -29.6% 224.0%
Amount
Disbursed Banks 11 20,868 36.1% 11 37,218 15,111 -43.9% 38.1%
during
SFBs 8 9,458 16.4% 9 13,352 3,564 -29.2% 165.4%
April’22 to
June’22 NBFCs 36 5,611 9.7% 42 7,288 1,518 -23.0% 269.8%
(₹ in crores)
Non-profit MFIs 23 266 0.5% 24 1,009 457 -73.7% -41.9%
Total Industry 141 57,842 100% 152 89,603 27,328 -35.4% 111.7%
As on 30 June 2022 As on 31 March 2022
30+ 60+ 90+ 180+ 30+ 60+ 90+ 180+
NBFC-MFIs 3.45% 2.53% 1.65% 7.77% 3.75% 2.65% 1.89% 7.35%
Banks 7.10% 5.22% 2.25% 12.75% 6.43% 4.31% 2.92% 11.82%
Delinquency
SFBs 5.36% 3.33% 2.02% 10.88% 6.89% 4.53% 3.05% 10.05%
% by value
NBFCs 2.51% 1.67% 1.02% 3.61% 3.20% 1.89% 1.18% 4.25%
Non-profit MFIs 3.29% 1.91% 1.30% 11.13% 2.41% 1.26% 0.80% 8.82%
Industry 5.07% 3.60% 1.88% 9.92% 5.27% 3.55% 2.43% 9.40%
Data source: Equifax

1
 Synopsis

› As of June 30, 2022, the combined microcredit portfolio of 232 lenders is ₹2,75,750
crores, a growth of 5% over the previous quarter (Q4 FY21-22). On a YoY, the portfolio
has increased by 24%.

› Banks continue to dominate the market in terms of loan portfolio with 38% market
share, followed by NBFC-MFIs with 36% market share.

› Microfinance operations in India spread across 639 districts of 36 states and union
territories.

› Bihar, Tamil Nadu, West Bengal, Uttar Pradesh, and Karnataka are the top five states
both in terms of loan portfolio outstanding and active loan account. Bihar is the new
topper by replacing Tamil Nadu, and Uttar Pradesh has jumped to 4th position from
5th position. Whereas Karnataka has moved to 5th position from 4th position and West
Bengal remained unchanged in 3rd position. These top 5 states account for 55% of
the total portfolio of the Industry. In terms of ranking, West Bengal, Tamil Nadu, Bihar,
and Karnataka have remained in the top five for the last twelve quarters, whereas
Uttar Pradesh continued to be in the top five for the last six quarters. Uttar Pradesh
came in top 5 by replacing Maharashtra.

› The top 10 districts in terms of portfolio are Murshidabad, Jalpaiguri, North 24

Parganas, East Champaran, Muzaffarpur, Samastipur, Mysuru, Bardhaman,
Coimbatore, and Cuddalore. North 24 Parganas was the topper till Q3 FY 21-22. It has
been relegated to 2nd position in Q4 FY 21-22 and to 3rd position now. GLP of
Murshidabad is above ₹3,000 Cr. and the rest of 9 districts are above ₹2,000 Cr.

› The average ticket size of the sector is ₹39,804 in Q1 whereas it was ₹40,070 in Q4. The
average ticket size of the same quarter of last year (June 2021) was ₹35,706. 20
States/UTs have an average ticket size of over ₹40,000 where Nagaland is leading
with ₹ 63,630, followed by Dadra & Nagar Haveli with ₹54,312.

› There is a slight improvement in industry portfolio quality Q-o-Q under PAR 30+DPD
and PAR 90+DPD buckets whereas, PAR 60+DPD, and PAR 180+DPD buckets have
declined.

› There are 14 States/UTs (Assam, Nagaland, Sikkim, West Bengal, Arunachal Pradesh,
Puducherry, Meghalaya, Tripura, Mizoram, Delhi, Kerala, Chhattisgarh, Manipur, and
Andaman & Nicobar Islands) having PAR 30+ levels higher than the industry average
of 5.07%. All eight states in the North-eastern region have PAR 30 +DPD greater than
the industry average.

› As of 30 June 2022, the NPA (PAR>90 days) of all lenders together is 11.62%.

2
1.1 Peer Group-wise Number of Lenders in Microfinance Space:

Figure 1: Peer Group-wise number of lenders in operations

250 232 225 15.0%

9.9% 6.7%
10.0%
3.1%
200 2.4% 5.0%
0.0%
150
-5.0%
-10.0%
100 84 82 78 71
-15.0%
-27.8% 48 45
50 -20.0%
13 18 9 9 -25.0%
0 -30.0%
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Total
30-Jun-22 31-Mar-22 Growth

As of 30 June 2022, a total of 232 lenders from 5 different peer groups are in operations in
the microfinance space, there is an increase of 7 lenders from the previous quarter Q4.

Among the Peer Groups, the number of reported NBFCs has increased to 78 in Q1 from 71
in Q4. Similarly, the number of Non-profit MFIs (NFPs) has increased to 48 from 45, and the
number of NBFC-MFIs has increased to 84 from 82. whereas the number of Banks has
decreased to 13 in Q1 from 18 in Q4. The number of SFBs has remained unchanged.

1.2 Geographical Spread of Microfinance:

Figure 2: Lender-wise spread of Microfinance in terms of district coverage

700 634 636 639 641

614 613 618 616
600 567
538
500
410
384
400

300

200

100

0
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Total
30-Jun-22 31-Mar-22

As of 30 June 2022, microfinance operations spread across 639 districts of 36 states and
union territories. Banks are leading with 634 districts, followed by SFBs with 618 districts,
NBFC-MFIs with 614 districts, NBFCs with 567 districts whereas Non-Profit MFIs operate in 410
districts.

3
Figure 3: Top 10 states in terms of concentration of Lenders

No. of Lenders

Uttar Pradesh 138

Maharashtra 134

Bihar 118

Madhya Pradesh 113

West Bengal 107

Rajasthan 106

Tamil Nadu 105

Haryana 100

Karnataka 99

Gujarat 94

0 20 40 60 80 100 120 140 160

The top ten states in terms of the concentration of microcredit lenders are mapped in Figure
3. Uttar Pradesh is leading with 138 lenders, followed by Maharashtra with 134 lenders.

Figure 4: Top 10 districts in terms of concentration of Lenders

No. of Lenders
Mumbai (MH) 104

Thane (MH) 93

Pune (MH) 85

Jaipur (RJ), Bhopal (MP) 83

Indore (MP) 82

Ballia (UP) 81

Nashik (MH), Jaunpur (UP), Gorakhpur (UP), Patna (BR), 80

Solapur (MH), Ujjain (MP), Ghaziabad (UP), Vaishali

(BR), Muzaffarpur (BR) 79

Samastipur (BR), Darbhanga (BR) 78

East Nimar (MP), Dewas (MP), Azamgarh (UP) 76

0 20 40 60 80 100 120

The top ten districts in terms of the concentration of microcredit lenders are mapped in
Figure 4. Mumbai is leading with 104 lenders, followed by Thane with 93 lenders.

4
1.3 Active Number of Loans:
Table 1: Market Share in Active Loans

Lender Type Q1 FY22-23 Q4 FY21-22 Q1 FY21-22

NBFC-MFIs 37.95% 38.19% 37.20%
Banks 36.81% 37.48% 37.70%
SFBs 15.53% 15.90% 16.54%
NBFCs 8.43% 7.18% 7.46%
Non-profit MFIs 1.28% 1.24% 1.10%

Out of the total active number of loans, NBFC-MFIs are leading with 38% followed by Banks with 37%,
SFBs with 16%, NBFCs, and Non-Profit MFIs have a share of 8%, and 1% respectively. In Q-o-Q
comparison,

In Y-o-Y comparison, it is observed that only NBFC-MFIs, NBFCs, and Non-profit MFIs have
experienced an upward trend in number of Active Loans market share, whereas Banks, and SFBs
have experienced a downward trend.

Figure 5: Number of Active Loans across lenders

1200 22% 1,124 25%

1,081

1000
20%

800
No. Active Loans

15%
600
427 413 414 405 8% 10%
400
4%
3%
200 2% 175 2%172 5%
95 78
14 13
0 0%
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Industry
30-Jun-22 31-Mar-22 Growth

As of 30 June 2022, number of active loans of all lenders is 112.4 million, posting a growth of 4%
compared to Q4 FY 21-22. In Q-o-Q comparison, number of active loans for all lenders have also
increased. On YoY, number of active loans has increased by 13%.

Table 2: Number of Active loans (in lakhs) across States/UTs- (Decreasing Order)
S. No States/UTs As on As on As on Q-o-Q Y-o-Y
June 2022 March June 2021 Growth Growth
2022
1 Tamil Nadu 156.79 152.09 142.97 3.09% 9.66%
2 Bihar 144.38 135.42 118.14 6.61% 22.21%
3 West Bengal 103.12 100.57 109.01 2.54% -5.40%
4 Uttar Pradesh 97.82 91.32 78.18 7.12% 25.13%
5 Karnataka 97.72 93.65 83.29 4.34% 17.32%
6 Maharashtra 87.47 83.98 73.01 4.15% 19.80%
7 Odisha 73.59 71.34 64.22 3.15% 14.60%
8 Madhya Pradesh 71.34 69.34 61.61 2.90% 15.79%
5
 S. No States/UTs As on As on As on Q-o-Q Y-o-Y
June 2022 March June 2021 Growth Growth
2022
9 Rajasthan 52.46 51.00 45.44 2.87% 15.45%
10 Kerala 44.28 45.02 42.64 -1.65% 3.83%
11 Jharkhand 34.41 32.47 27.22 5.99% 26.42%
12 Gujarat 32.64 30.78 28.66 6.06% 13.90%
13 Assam 27.13 29.77 35.45 -8.85% -23.47%
14 Chhattisgarh 23.06 22.23 20.09 3.74% 14.81%
15 Punjab 22.15 22.02 21.75 0.61% 1.86%
16 Haryana 20.52 19.73 18.33 3.97% 11.94%
17 Andhra Pradesh 7.71 6.02 4.54 28.20% 69.72%
18 Tripura 7.15 6.93 7.97 3.22% -10.22%
19 Telangana 5.66 4.86 2.96 16.52% 91.27%
20 Uttarakhand 5.37 5.01 4.73 7.22% 13.48%
21 Puducherry 2.13 2.14 2.15 -0.34% -0.91%
22 Others 2.09 0.37 0.77 465.86% 172.20%
23 Delhi 2.00 1.89 2.01 5.47% -0.48%
24 Manipur 0.60 0.52 0.62 15.67% -2.27%
25 Himachal Pradesh 0.51 0.45 0.37 11.86% 37.88%
26 Goa 0.48 0.48 0.55 0.18% -12.84%
27 Meghalaya 0.45 0.45 0.55 -0.12% -18.48%
28 Sikkim 0.38 0.34 0.40 11.31% -3.05%
29 Mizoram 0.26 0.24 0.30 6.74% -14.37%
30 Nagaland 0.18 0.18 0.20 -2.35% -11.44%
31 Chandigarh 0.16 0.15 0.15 7.49% 7.11%
32 Jammu & Kashmir 0.15 0.25 0.22 -41.06% -30.31%
33 Arunachal Pradesh 0.12 0.09 0.08 33.62% 58.48%
34 Dadra & Nagar Haveli 0.07 0.06 0.07 5.01% -3.73%
35 Andaman & Nicobar Islands 0.04 0.04 0.02 8.20% 142.99%
36 Daman & Diu 0.02 0.02 0.03 2.11% -9.13%
37 Lakshadweep 0.00 0.00 0.00 33.33% 14.29%
1,124 1,081 999 4.00% 12.59%

Active loans in various states and union territories are mapped in Table 2. In the Q-o-Q comparison,
it is observed that the active number of loans of all States/UTs except for Assam, Kerala, Puducherry,
Meghalaya, Nagaland, and Jammu & Kashmir have increased.

1.4. Active Unique Borrower:

Table 3: No. of Active Unique Borrowers (in lakhs) across States/UTs - (Decreasing Order)
S. No States/UTs As on June As on As on Q-o-Q Y-o-Y
2022 March June Growth Growth
2022 2021
1 Bihar 90.18 82.72 72.04 9.02% 25.18%
2 Tamil Nadu 82.16 79.38 76.99 3.50% 6.71%
3 Uttar Pradesh 65.89 59.00 48.84 11.69% 34.93%
4 West Bengal 55.91 51.30 54.86 8.98% 1.91%
5 Karnataka 52.41 49.35 48.38 6.20% 8.33%

6
 S. No States/UTs As on June As on As on Q-o-Q Y-o-Y
2022 March June Growth Growth
2022 2021
6 Maharashtra 49.65 46.49 40.50 6.80% 22.58%
7 Madhya Pradesh 43.61 41.39 37.04 5.37% 17.75%
8 Odisha 36.90 34.03 30.53 8.43% 20.87%
9 Rajasthan 33.66 31.76 27.41 5.99% 22.82%
10 Gujarat 22.54 20.95 19.01 7.59% 18.57%
11 Kerala 22.12 21.20 20.50 4.36% 7.90%
12 Andhra Pradesh 21.02 6.43 6.00 227.20% 250.33%
13 Jharkhand 20.97 19.13 15.68 9.62% 33.70%
14 Chhattisgarh 14.12 13.23 11.50 6.71% 22.75%
15 Punjab 13.85 13.19 12.38 4.97% 11.83%
16 Haryana 13.67 12.85 11.25 6.43% 21.52%
17 Assam 13.39 12.86 17.58 4.10% -23.84%
18 Telangana 8.20 5.50 4.96 49.10% 65.17%
19 Tripura 4.14 3.82 4.21 8.43% -1.66%
20 Uttarakhand 3.59 3.20 2.82 12.24% 27.30%
21 Delhi 1.51 1.38 1.45 9.95% 4.40%
22 Puducherry 1.22 1.21 1.27 0.95% -3.97%
23 Manipur 0.51 0.41 0.50 24.75% 3.34%
24 Himachal Pradesh 0.41 0.36 0.27 14.37% 53.28%
25 Meghalaya 0.32 0.29 0.36 10.67% -12.27%
26 Goa 0.31 0.30 0.31 2.52% 0.61%
27 Sikkim 0.28 0.24 0.26 15.83% 6.62%
28 Jammu & Kashmir 0.26 0.23 0.18 11.98% 42.74%
29 Mizoram 0.21 0.18 0.24 14.63% -11.63%
30 Nagaland 0.15 0.14 0.16 8.41% -6.37%
31 Arunachal Pradesh 0.11 0.09 0.07 29.35% 58.32%
32 Chandigarh 0.10 0.09 0.08 11.30% 19.27%
33 Dadra & Nagar Haveli 0.05 0.05 0.05 6.75% 0.52%
34 Andaman & Nicobar Islands 0.04 0.03 0.02 8.44% 138.12%
35 Daman & Diu 0.02 0.02 0.02 2.81% -7.11%
36 Lakshadweep 0.00 0.00 0.00 75.00% 16.67%
673 613 568 9.91% 18.63%

The above table shows the state-wise active unique borrowers (borrowers with overdue
above 180 days are considered inactive). The total number of borrowers is 929 lakhs
including both active and inactive.

1.5. Loan Portfolio Outstanding:

Out of the total loan outstanding, Banks are leading with 38% market share, followed by
NBFC-MFIs with 35% market share. SFBs constitute 17% share and NBFCs account for a share
of 9%. Non-Profit MFIs have the least share at 1%.

7
Table 4: Market share in terms of Loan Portfolio Outstanding

Lender Type Q1 FY22-23 Q4 FY21-22 Q1 FY21-22

NBFC-MFIs 35.48% 35.83% 32.56%
Banks 37.99% 39.04% 43.14%
SFBs 16.57% 16.81% 16.10%
NBFCs 9.02% 7.26% 7.24%
Non-profit MFIs 0.94% 1.05% 0.96%

Figure 6: Loan Portfolio Outstanding across lenders

3,00,000 30.4% 2,75,750 35.0%

2,62,599
30.0%
2,50,000
25.0%
Loan Portfolio (₹ in Cr)

2,00,000 20.0%

15.0%
1,50,000 4.0% 2.2%
10.0%
3.5% 5.0%
97,849 94,096 1,04,762 1,02,527
1,00,000 5.0%

45,684 44,154 0.0%

50,000 -5.8%
24,870 19,076 -5.0%
2,587 2,745
- -10.0%
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Industry
30-Jun-22 31-Mar-22 Growth

As of 30 June 2022, the combined microcredit portfolio outstanding of all lenders stands at
₹2,75,750 crores, posting a growth of 5% compared to Q4 FY21-22. On Y-o-Y, the loan
portfolio outstanding has increased by 24%.

Table 5: Portfolio Outstanding (₹ in Cr) across States/UTs – (Decreasing Order)

S. No States/UTs As on June As on As on June Q-o-Q Y-o-Y
2022 March 2022 2021 Growth Growth
1 Bihar 36745.91 34578.87 26224.39 6.27% 40.12%
2 Tamil Nadu 36459.41 34954.67 29010.42 4.30% 25.68%
3 West Bengal 30320.12 28803.66 31078.58 5.26% -2.44%
4 Uttar Pradesh 24427.30 22772.99 16429.13 7.26% 48.68%
5 Karnataka 23731.57 23181.72 18620.23 2.37% 27.45%
6 Maharashtra 20152.91 19519.70 15375.27 3.24% 31.07%
7 Madhya Pradesh 16701.77 15972.79 13194.48 4.56% 26.58%
8 Odisha 16141.06 15759.13 13251.60 2.42% 21.80%
9 Rajasthan 12855.06 12181.71 9881.16 5.53% 30.10%
10 Kerala 10378.95 10474.28 8849.30 -0.91% 17.29%
11 Gujarat 8058.86 7474.31 6024.03 7.82% 33.78%
12 Jharkhand 8040.79 7668.40 5849.02 4.86% 37.47%
13 Assam 6675.96 6405.78 8655.93 4.22% -22.87%
14 Haryana 5351.80 4967.04 3871.94 7.75% 38.22%
15 Punjab 5022.34 4669.31 4081.55 7.56% 23.05%
16 Chhattisgarh 5008.73 4881.30 4023.57 2.61% 24.48%

8
 S. No States/UTs As on June As on As on June Q-o-Q Y-o-Y
2022 March 2022 2021 Growth Growth
17 Tripura 2392.04 2251.50 2648.43 6.24% -9.68%
18 Andhra Pradesh 1911.09 1442.19 1240.69 32.51% 54.03%
19 Uttarakhand 1458.99 1366.94 1173.73 6.73% 24.30%
20 Telangana 1354.79 1200.81 689.87 12.82% 96.38%
21 Delhi 583.80 531.30 493.33 9.88% 18.34%
22 Others 558.06 71.63 236.79 679.10% 135.68%
23 Puducherry 485.19 489.08 439.73 -0.80% 10.34%
24 Manipur 161.25 123.34 143.28 30.74% 12.55%
25 Himachal Pradesh 135.89 117.49 77.37 15.67% 75.65%
26 Sikkim 125.23 99.31 130.93 26.11% -4.35%
27 Goa 113.26 115.77 122.56 -2.17% -7.59%
28 Meghalaya 110.41 91.37 130.97 20.84% -15.70%
29 Mizoram 70.79 64.02 69.10 10.58% 2.45%
30 Nagaland 59.51 64.93 60.83 -8.35% -2.16%
31 Jammu & Kashmir 49.84 207.37 155.22 -75.96% -67.89%
32 Chandigarh 35.31 31.78 26.13 11.11% 35.14%
33 Arunachal Pradesh 32.77 26.05 19.62 25.76% 67.04%
34 Dadra & Nagar Haveli 21.32 20.02 18.88 6.51% 12.92%
35 Andaman & Nicobar Islands 11.62 12.26 3.77 -5.26% 208.24%
36 Daman & Diu 6.50 6.20 5.47 4.85% 18.90%
37 Lakshadweep 0.02 0.02 0.01 -12.69% 100.10%
Total 2,75,750 2,62,599 2,22,307 5.01% 24.04%

The Loan outstanding in various states and union territories is mapped in Table 5. In the Q-
o-Q comparison, it is observed that loan outstanding of all States/UTs except for Jammu &
Kashmir, Lakshadweep, Nagaland, Andaman & Nicobar Islands, Goa, Kerala, and
Puducherry have increased.

Table 6: Lender-wise top 10 states in terms of Loan Portfolio Outstanding

NBFC-MFIs Banks SFBs
State Loan State Loan State Loan
Outstanding Outstanding Outstanding
(₹ in Cr) (₹ in Cr) (₹ in Cr)

Bihar 13,182 West Bengal 22,390 Tamil Nadu 8,320

Tamil Nadu 12,767 Bihar 12,952 Bihar 4,827
Karnataka 11,956 Tamil Nadu 9,226 Kerala 4,326
Uttar Pradesh 9,393 Uttar Pradesh 9,162 Maharashtra 4,102
Madhya Pradesh 7,783 Maharashtra 7,482 Uttar Pradesh 3,719
Maharashtra 7,583 Odisha 6,383 Karnataka 3,349
Odisha 6,746 Karnataka 5,887 Madhya Pradesh 2,772
Rajasthan 5,126 Rajasthan 5,057 Gujarat 2,262
West Bengal 5,086 Madhya Pradesh 4,906 West Bengal 1,813
Jharkhand 3,112 Assam 4,484 Odisha 1,804

9
 NBFCs NFPs
State Loan Outstanding State Loan Outstanding
(₹ in Cr) (₹ in Cr)
Tamil Nadu 5,945 Uttar Pradesh 862
Bihar 5,032 Bihar 752
Karnataka 2,440 Tamil Nadu 201
Uttar Pradesh 1,291 Chhattisgarh 179
Odisha 1,193 Maharashtra 131
Madhya Pradesh 1,130 Jharkhand 120
Rajasthan 1,078 Madhya Pradesh 111
West Bengal 990 Karnataka 99
Gujarat 911 West Bengal 41
Kerala 856 Rajasthan 21

Table 7: Lender-wise top 10 districts in terms of Portfolio Outstanding

Microfinance Industry NBFC-MFIs NFPs

District Loan District Loan District Loan
Outstanding Outstanding Outstanding
(₹ in Cr) (₹ in Cr) (₹ in Cr)

Murshidabad 3,104 Mysuru 1,130 Muzaffarpur 108

Jalpaiguri 2,615 East Champaran 1,026 Saran 106
North 24 Parganas 2,594 Villupuram 954 Surguja 83
East Champaran 2,534 Muzaffarpur 895 Gaya 71
Muzaffarpur 2,492 Samastipur 872 Gopalganj 64
Samastipur 2,483 Tumkur 857 Ballia 60
Mysuru 2,408 Belgaum 843 Jashpur 60
Bardhaman 2,332 Cuddalore 770 Jaunpur 58
Coimbatore 2,282 Hassan 726 Mirzapur 57
Cuddalore 2,195 Madhubani 712 East Champaran 54

Banks SFBs NBFCs

District Loan District Loan District Loan
Outstanding Outstand Outstanding
(₹ in Cr) ing (₹ in (₹ in Cr)
Cr)
Murshidabad 2,331 Thrissur 693 Darbhanga 538
North 24 Parganas 2,010 Palakkad 690 Samastipur 507
Jalpaiguri 2,006 Cuddalore 662 Madhubani 498
Nadia 1,760 Coimbatore 550 East Champaran 463
South 24 Parganas 1,692 Thiruvananthapuram 549 Thanjavur 452
Howrah 1,476 Bangalore 524 Madurai 393
Bardhaman 1,476 Nagpur 508 Villupuram 389
Cooch Behar 1,328 Alappuzha 494 Sitamarhi 368
Hooghly 1,222 Kanchipuram 484 Muzaffarpur 365
Malda 1,061 Mysuru 482 Coimbatore 321

10
1.6 Portfolio Quality1:

The portfolio quality of the industry is depicted in figure 7. Industry PAR 30+ DPD has
improved to 5.07% from 5.27% in March’22, PAR 60+ DPD has deteriorated to 3.60% from
3.55% in March’22, PAR 90+ has improved to 1.88% from 2.43% in March’22, and PAR 180+
has deteriorated to 9.92% from 9.40% in March’22.

Figure 7: Portfolio Quality of the Microfinance Industry

18.00% 16.56%
16.00%

14.00%

12.00% 10.18%
9.40% 9.92%
9.01% 9.60%
10.00% 9.34%
9.94%
8.00% 6.41% 8.77%
6.67%
6.10% 5.27%
5.64%
6.00% 4.72% 5.07%
3.55% 3.60%
4.00%
4.10% 3.48% 1.88%
2.00% 3.01% 2.96% 2.43%
0.00%
Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 June'22

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

Figure 8: Lender-wise Portfolio Quality

8.00%
7.10%
7.00% 6.89%
6.43%
6.00% 5.36%
5.22%
5.00% 4.53%
4.31%
3.75%
4.00%
3.45% 3.33% 3.20% 3.29%
3.05%
2.92%
3.00% 2.53%2.65% 2.51% 2.41%
2.25% 1.91%
1.89% 2.02% 1.89%
2.00% 1.65% 1.67% 1.26%1.30%
1.18%
1.02%
1.00% 0.80%

0.00%
PAR>30 PAR>60 PAR>90 PAR>30 PAR>60 PAR>90 PAR>30 PAR>60 PAR>90 PAR>30 PAR>60 PAR>90 PAR>30 PAR>60 PAR>90
NBFC-MFIs Banks SFBs NBFCs NFPs

Jun-22 Mar-22

Among the lenders, PAR in all levels except for PAR 30+ DPD, PAR 60+ DPD for Banks, and
PAR 30+ DPD, PAR 60+ DPD, PAR 90+ DPD for NFPs have improved.

1
Portfolio at Risks are categorized into 4 buckets – (i) PAR 30 + DPD = all overdues between 31 -179 days,
PAR 60 + DPD = all overdues between 61 -179 days, PAR 90 + DPD = all overdues between 91 -179 days, and
PAR 180 + DPD = all overdues above 179 days,
11
Table 8 (a): State wise Delinquency – Industry, NBFC-MFIs and Banks
30+ Delinquency
Industry NBFC-MFIs Banks
SN States/UTs Q1_FY22-23 Q4_FY21-22 Q1_FY22-23 Q4_FY21-22 Q1_FY22-23 Q4_FY21-22
1 Andaman & Nicobar Islands 5.10% 3.51% 5.33% 3.39% 3.98% 9.60%
2 Andhra Pradesh 2.58% 2.25% 2.40% 3.85% 0.46% 0.39%
3 Arunachal Pradesh 9.76% 9.86% 7.54% 2.66% 17.43% 12.56%
4 Assam 24.33% 15.29% 8.21% 6.35% 23.34% 9.78%
5 Bihar 2.73% 3.35% 2.34% 2.79% 3.33% 3.70%
6 Chandigarh 3.77% 4.38% 7.15% 5.59% 4.44% 5.98%
7 Chhattisgarh 5.49% 6.00% 5.86% 6.38% 6.20% 5.88%
8 Dadra & Nagar Haveli 4.90% 3.80% 1.65% 2.55% 12.01% 7.56%
9 Daman & Diu 4.92% 2.77% 3.47% 8.32% 12.74% 5.74%
10 Delhi 6.93% 4.46% 0.98% 0.67% 12.03% 5.48%
11 Goa 5.06% 4.72% 5.91% 4.92% 4.83% 5.05%
12 Gujarat 4.00% 3.78% 3.16% 3.44% 6.81% 4.19%
13 Haryana 2.96% 2.83% 2.89% 2.64% 4.44% 4.02%
14 Himachal Pradesh 2.93% 1.31% 3.34% 0.77% 4.65% 3.25%
15 Jammu & Kashmir 0.93% 17.97% 0.70% 0.24% 12.25% 22.77%
16 Jharkhand 2.87% 3.39% 2.10% 2.60% 3.39% 3.50%
17 Karnataka 2.92% 3.85% 1.98% 2.30% 3.45% 4.61%
18 Kerala 5.82% 8.11% 5.11% 6.31% 6.26% 10.23%
19 Lakshadweep 0.12% 0.00% 100.00%
20 Madhya Pradesh 4.90% 5.35% 4.60% 5.10% 5.87% 5.41%
21 Maharashtra 4.45% 4.23% 3.91% 4.04% 5.33% 4.40%
22 Manipur 5.42% 6.43% 12.54% 4.51% 4.05% 6.19%
23 Meghalaya 8.64% 7.34% 5.71% 5.34% 9.97% 7.85%
24 Mizoram 8.22% 9.89% 23.11% 23.78% 4.94% 5.98%
25 Nagaland 15.20% 7.64% 2.29% 0.47% 16.88% 7.83%
26 Odisha 4.04% 4.67% 4.41% 5.18% 4.64% 5.04%
27 Others 4.58% 28.28% 2.27% 2.08% 5.07% 34.06%
28 Puducherry 9.68% 9.43% 5.30% 5.83% 19.24% 14.20%
29 Punjab 4.18% 3.07% 4.49% 2.81% 5.19% 4.35%
30 Rajasthan 4.44% 4.94% 4.12% 4.30% 5.51% 5.67%
31 Sikkim 10.65% 9.63% 1.80% 2.41% 12.65% 11.05%
32 Tamil Nadu 4.88% 6.43% 4.27% 4.61% 5.46% 8.53%
33 Telangana 1.24% 1.00% 5.06% 6.33% 0.50% 0.41%
34 Tripura 8.29% 7.23% 4.94% 5.91% 9.63% 7.75%
35 Uttar Pradesh 2.64% 2.48% 1.73% 1.65% 3.84% 3.25%
36 Uttarakhand 4.94% 4.16% 1.66% 1.89% 8.35% 5.61%
37 West Bengal 9.81% 8.93% 4.35% 4.43% 11.93% 10.55%
Overall 5.07% 5.27% 3.45% 3.75% 7.10% 6.43%

12
Table 8 (b): State-wise Delinquency – SFBs, NBFCs and NFPs
30+ Delinquency
NBFCs SFBs NFPs
SN States/UTs Q1_FY22-23 Q4_FY21-22 Q1_FY22-23 Q4_FY21-22 Q1_FY22-23 Q4_FY21-22
1 Andaman & Nicobar Islands 0.00% 0.00% 3.35% 0.00%
2 Andhra Pradesh 7.29% 5.39% 1.55% 1.73% 16.16% 10.72%
3 Arunachal Pradesh 0.36% 10.96% 12.58%
4 Assam 3.88% 4.30% 50.19% 53.78% 20.09%
5 Bihar 0.48% 1.00% 4.92% 6.63% 0.29% 0.34%
6 Chandigarh 10.06% 2.57% 0.91% 1.71%
7 Chhattisgarh 2.95% 4.88% 5.45% 6.93% 1.05% 0.85%
8 Dadra & Nagar Haveli 0.98% 1.94% 0.55% 1.11%
9 Daman & Diu 21.55% 24.94% 0.85% 1.16% 39.28%
10 Delhi 8.72% 16.44% 2.31% 3.14% 35.75% 44.53%
11 Goa 0.00% 0.00% 0.77% 0.89%
12 Gujarat 1.68% 1.98% 3.53% 4.36% 4.60% 2.77%
13 Haryana 2.28% 2.24% 1.80% 1.80% 11.94% 31.51%
14 Himachal Pradesh 1.25% 2.05% 0.48% 0.40% 0.00%
15 Jammu & Kashmir 0.34% 0.31% 19.93% 25.63%
16 Jharkhand 2.59% 4.19% 3.73% 5.19% 0.13% 0.12%
17 Karnataka 2.57% 4.04% 5.04% 7.45% 21.65% 25.88%
18 Kerala 8.52% 9.32% 5.49% 7.79% 0.38% 1.60%
19 Lakshadweep 0.00% 0.00%
20 Madhya Pradesh 5.64% 8.23% 3.76% 5.28% 3.62% 1.72%
21 Maharashtra 2.50% 3.31% 3.76% 4.28% 20.08% 12.66%
22 Manipur 0.15% 0.00% 7.82% 17.93%
23 Meghalaya 0.00% 6.25% 7.47%
24 Mizoram 0.00% 32.50% 36.16%
25 Nagaland 0.00% 0.00% 8.52% 8.63% 0.00% 0.00%
26 Odisha 1.66% 2.21% 2.08% 2.57% 0.09% 22.56%
27 Others 3.75% 10.47% 2.47% 77.69% 14.38%
28 Puducherry 2.49% 2.75% 8.74% 10.42% 0.00% 0.00%
29 Punjab 3.37% 1.34% 1.29% 1.73% 0.34% 0.00%
30 Rajasthan 2.41% 4.04% 3.52% 4.88% 1.15% 1.45%
31 Sikkim 44.38% 10.61% 10.95%
32 Tamil Nadu 2.58% 3.33% 6.72% 8.96% 9.07% 17.19%
33 Telangana 3.55% 5.29% 1.04% 0.90% 0.00%
34 Tripura 13.07% 9.64% 4.10% 5.38%
35 Uttar Pradesh 2.04% 2.98% 2.63% 2.96% 0.66% 0.38%
36 Uttarakhand 6.29% 9.86% 1.20% 1.60% 22.25% 78.02%
37 West Bengal 2.51% 2.15% 3.04% 4.91% 4.66% 2.60%
Overall 2.51% 3.20% 5.36% 6.89% 3.29% 2.41%

13
Table 8 (c): State-wise Delinquencies under different buckets
S.No States/UTs 30 + DPD 60 + DPD 90 + DPD 180 + DPD
1 Andaman & Nicobar Islands 5.10% 2.78% 0.71% 3.70%
2 Andhra Pradesh 2.58% 1.68% 1.14% 2.58%
3 Arunachal Pradesh 9.76% 5.58% 2.65% 4.64%
4 Assam 24.33% 16.99% 5.60% 34.68%
5 Bihar 2.73% 1.87% 1.11% 4.42%
6 Chandigarh 3.77% 2.86% 1.69% 11.54%
7 Chhattisgarh 5.49% 3.89% 2.25% 10.10%
8 Dadra & Nagar Haveli 4.90% 3.47% 1.01% 6.85%
9 Daman & Diu 4.92% 4.19% 1.65% 10.89%
10 Delhi 6.93% 5.08% 1.88% 13.67%
11 Goa 5.06% 4.00% 2.74% 8.35%
12 Gujarat 4.00% 2.97% 1.69% 8.71%
13 Haryana 2.96% 2.04% 1.16% 5.28%
14 Himachal Pradesh 2.93% 0.96% 0.48% 4.90%
15 Jammu & Kashmir 0.93% 0.48% 0.29% 1.27%
16 Jharkhand 2.87% 2.07% 1.29% 6.23%
17 Karnataka 2.92% 1.99% 1.32% 7.86%
18 Kerala 5.82% 3.93% 2.32% 8.60%
19 Lakshadweep 0.12% 0.12% 0.12% 7.13%
20 Madhya Pradesh 4.90% 3.65% 2.27% 11.30%
21 Maharashtra 4.45% 3.29% 1.86% 15.06%
22 Manipur 5.42% 3.87% 2.12% 2.30%
23 Meghalaya 8.64% 6.03% 2.57% 17.10%
24 Mizoram 8.22% 4.71% 2.46% 6.84%
25 Nagaland 15.20% 10.67% 3.80% 14.56%
26 Odisha 4.04% 3.00% 1.88% 10.12%
27 Others 4.58% 2.11% 1.30% 9.16%
28 Puducherry 9.68% 6.74% 3.84% 10.16%
29 Punjab 4.18% 2.61% 1.40% 7.89%
30 Rajasthan 4.44% 3.23% 1.91% 6.65%
31 Sikkim 10.65% 6.08% 1.97% 11.19%
32 Tamil Nadu 4.88% 3.18% 1.94% 7.01%
33 Telangana 1.24% 0.76% 0.47% 1.30%
34 Tripura 8.29% 5.52% 2.48% 10.29%
35 Uttar Pradesh 2.64% 1.78% 0.95% 5.49%
36 Uttarakhand 4.94% 3.64% 1.76% 12.11%
37 West Bengal 9.81% 7.50% 3.14% 16.76%
Overall 5.07% 3.60% 1.88% 9.92%

Tables 8 (a), 8 (b), and 8 (c) are depicting state-wise overall industry and lender-wise
delinquency percentages at 30+ DPD, and State-wise delinquencies under different
buckets.

14
Table 8 (d): Lender-wise PAR (1-30 days), NPA, Write-off, and loan restructuring

Lender Type PAR (1-30) days NPA (i.e. PAR>90 Write-off Loan restructured
Days)
% Amount (₹) % (₹ in Cr) No. of Loan Amount %
(in lakh) (₹ in Cr)
NBFC-MFIs 0.92% 9,854 9.29% 1,637 27 4,598 4.70%
Banks 1.88% 17,662 14.71% 644 11 2,185 2.09%
SFBs 2.03% 6,501 12.68% 3,712 9 1,767 3.87%
NBFCs 0.84% 1,185 4.59% 1,889 5 984 3.96%
Non-profit MFIs 1.38% 358 11.29% 15 0.03 8 0.31%
Industry 1.47% 35,560 11.62% 7,897 52 9,542 3.46%

Figure 9: Lender-wise Number of Loans (in lakhs) disbursed

250
224
During the Q1 FY22-23,
Microfinance Industry
200
disbursed 145 lakh
No. of Loans Disbursed (in Lakh)

loans. Out of which,

145
150 NBFC-MFIs are leading
with 56 lakh loans,
95 38.42% of the total
100
80 disbursement, closely
56 55
followed by Banks with
50
55 lakh loans, 38.05%
21
30 of the total loan
13 16
1 4 disbursement and
0 NFPs have the least
NBFC-MFIs Banks SFBs NBFCs Non-profit Overall share of 0.41% of total
MFIs disbursement.
June'22 Mar-22

In Y-o-Y comparison, the first quarter of the current financial year (April’22-June’22) is more
than the same quarter of the last financial year (April’21-June’21). In the first quarter of the
last financial year, 77 lakh loans were disbursed.

Table 9: Market Share in terms of Number of Loans Disbursed

Lender Type Q1 FY22-23 Q4 FY21-22 Q1 FY21-22

NBFC-MFIs 38.42% 35.66% 24.69%
Banks 38.05% 42.39% 55.17%
SFBs 14.43% 13.24% 13.53%
NBFCs 8.69% 7.00% 4.81%
Non-profit MFIs 0.41% 1.70% 1.81%

15
Figure 10: Lender-wise Amount of Loan (₹ in Cr) disbursed

1,00,000
89,603
90,000
80,000
70,000
Amount Disbursed (₹ in Cr)

57,842
60,000
50,000
40,000 37,218
30,736 27,328
30,000 21,640
20,868
20,000 15,111 13,352
6,678 9,458 7,288
10,000 3,564 5,611
1,518 266 1,009 457
-
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Total

June'22 Mar-22 June'21

Total disbursement of all lenders during Q1 (April’22 – June’22) is ₹57,842 crores whereas it
was ₹89,603 crores in Q4 (Jan’22-March’22) and ₹27,328 crores in the same quarter i.e. Q1
(April’21 – June’21) of last year. Among the lenders, NBFC-MFIs disbursed a maximum of
₹21,640 crores, followed by Banks of ₹20,868 crores during Q1 FY 22-23.

Table 10 (a): State-wise Disbursement (₹ in Cr) - (Decreasing Order)

S. No States/UTs As on June As on March As on June Q-o-Q Y-o-Y
2022 2022 2021 Growth Growth
1 Bihar 8766.27 13984.61 4473.49 -37.31% 95.96%
2 Tamil Nadu 8074.28 10317.95 3005.21 -21.75% 168.68%
3 Uttar Pradesh 5765.97 9017.26 2757.41 -36.06% 109.11%
4 Karnataka 5244.17 7652.69 1776.14 -31.47% 195.26%
5 West Bengal 4760.72 9332.68 3316.15 -48.99% 43.56%
6 Maharashtra 4410.87 6897.05 2169.45 -36.05% 103.32%
7 Odisha 3581.09 5308.91 2170.95 -32.55% 64.96%
8 Madhya Pradesh 3448.07 5407.30 1173.95 -36.23% 193.72%
9 Rajasthan 2715.35 4383.51 1202.06 -38.06% 125.89%
10 Jharkhand 1950.12 2849.08 1054.83 -31.55% 84.88%
11 Kerala 1927.45 2787.30 748.60 -30.85% 157.47%
12 Gujarat 1795.75 2509.32 845.12 -28.44% 112.48%
13 Haryana 1133.49 1717.92 525.58 -34.02% 115.66%
14 Chhattisgarh 1016.74 1628.07 303.67 -37.55% 234.81%
15 Punjab 992.50 1500.82 601.24 -33.87% 65.07%
16 Andhra Pradesh 421.48 524.82 217.25 -19.69% 94.01%
17 Tripura 335.06 773.60 314.48 -56.69% 6.54%
18 Telangana 295.05 541.58 143.34 -45.52% 105.84%
19 Uttarakhand 294.79 464.64 148.67 -36.56% 98.29%
20 Others 292.65 96.34 4.29 203.78% 6715.85%
21 Assam 265.62 1282.38 220.26 -79.29% 20.59%
22 Delhi 126.59 198.45 48.89 -36.21% 158.93%
23 Puducherry 83.26 125.69 43.61 -33.76% 90.90%
24 Himachal Pradesh 29.23 46.35 13.71 -36.93% 113.20%
25 Goa 21.36 34.71 9.50 -38.45% 124.92%
16
S. No States/UTs As on June As on March As on June Q-o-Q Y-o-Y
2022 2022 2021 Growth Growth
26 Manipur 19.31 51.97 5.17 -62.85% 273.23%
27 Mizoram 15.51 22.69 4.53 -31.65% 242.55%
28 Sikkim 14.57 31.20 7.87 -53.29% 85.28%
29 Meghalaya 13.37 28.99 6.38 -53.88% 109.50%
30 Chandigarh 8.73 12.71 5.12 -31.29% 70.63%
31 Jammu & Kashmir 6.93 25.36 1.97 -72.69% 251.35%
32 Dadra & Nagar Haveli 5.83 7.10 2.82 -17.90% 106.89%
33 Nagaland 4.89 26.14 4.48 -81.30% 9.12%
34 Arunachal Pradesh 3.15 9.35 0.73 -66.33% 329.49%
35 Daman & Diu 1.39 2.16 0.54 -35.73% 156.61%
36 Andaman & Nicobar Islands 0.61 2.59 0.18 -76.33% 247.01%
37 Lakshadweep 0.00 0.02 0.00 -100.00% -100.00%
Total 57,842 89,603 27,328 -35.45% 111.66%

Table 10 (b): State-wise & Lender-wise Disbursement (₹ in Cr) during Q1_FY22-23

Disbursement (₹ in Cr)
Type of Lenders
SN States/UTs NBFC-MFIs Banks NBFCs SFBs NFPs
1 Andaman & Nicobar Islands 1 0.03 0.01
2 Andhra Pradesh 183 166 7 65
3 Arunachal Pradesh 3 0.1 0.01 0.01
4 Assam 71 191 0.07 4
5 Bihar 3,485 2,655 1340 1,227 59
6 Chandigarh 1 3 0.2 5
7 Chhattisgarh 408 359 74 161 15
8 Dadra & Nagar Haveli 1 2 1 3
9 Daman & Diu 0 0.3 1
10 Delhi 6 47 1 73 0.01
11 Goa 10 9 2
12 Gujarat 754 439 193 408 2
13 Haryana 415 259 121 338 0.4
14 Himachal Pradesh 20 3 1 6
15 Jammu & Kashmir 6 0.02 1
16 Jharkhand 819 752 30 328 22
17 Karnataka 2,371 1,469 627 762 16
18 Kerala 510 541 195 669 13
19 Madhya Pradesh 1,637 1,123 174 506 9
20 Maharashtra 1,426 2,050 159 768 8
21 Manipur 2 17 0.4 0.03
22 Meghalaya 1 9 0.02 3
23 Mizoram 0.2 15 0.03 0.03
24 Nagaland 0.5 4 0.01 0.01
25 Odisha 1,468 1,359 323 430 0.05
26 Others 6 285 0.4 1
27 Puducherry 29 19 6 29 0.03
28 Punjab 468 261 125 138 0.02
29 Rajasthan 1,208 961 198 345 3
17
 Disbursement (₹ in Cr)
Type of Lenders
SN States/UTs NBFC-MFIs Banks NBFCs SFBs NFPs
30 Sikkim 5 9 0.01
31 Tamil Nadu 2,404 2,580 1511 1,558 21
32 Telangana 19 206 5 65 0.003
33 Tripura 88 192 54
34 Uttar Pradesh 2,550 1,933 213 981 88
35 Uttarakhand 115 111 20 48 0.01
36 West Bengal 1,151 2,834 286 481 10
Total 21,640 20,868 5,611 9,458 266

1.7 Borrower Leverage:

From table 11, it is noticed that the Average Ticket Size for all lenders except for Banks and
NBFCs has increased in Q1 FY 22-23 compared to Q4 FY 21-22.

Table 11: Lender-wise Average Ticket Size (in ₹)

Average Ticket Size (in ₹)

Lender Type June'22 March'22 June'21
NBFC-MFIs 38,756 38,541 35,347
Banks 37,743 39,260 35,789
SFBs 45,118 45,081 34,423
NBFCs 44,420 46,539 41,238
Non-profit MFIs 44,380 26,602 32,984
Industry 39,804 40,070 35,706

Figure 11: Average Ticket size - Industry and lender-wise Break-up

50,000 46,539
45,118 44,420 44,380
45,081
45,000 39,260 41,238
38,756 39,804 40,070
40,000 38,541 37,743 35,789 35,706
35,347 34,423 32,984
35,000
Average Ticket size (₹)

30,000 26,602
25,000
20,000
15,000
10,000
5,000
0
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Industry

June'22 March'22 June'21

18
Figure 12: Top 10 States/UTs in terms of Average Ticket Size (₹)

Nagaland 63,630

Dadra & Nagar Haveli 54,312

Others 53,236
Average Ticket Size (₹)

Daman & Diu 48,428

Jammu & Kashmir 47,506

Pondicherry 47,418

Himachal Pradesh 46,774

Delhi 46,465

Tripura 44,709

Haryana 43,918

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000

Amongst all states/union territories, Nagaland is leading with ₹63,630, followed by Dadra &
Nagar Haveli with ₹54,312.

1.8 Industry Trends:

Figure 13: Industry Trend of Active loans (in lakhs)

1,200 1,124
1,081
1,015 1,030 1,022 1,044 1,015
999
1,000 933 958
919 919
Active Loan Accounts (in Lakh)

830
800

600

400

200

-
Q1 2019-20 Q2 2019-20 Q3 2019-20 Q4 2019-20 Q1 2020-21 Q2 2020-21 Q3 2020-21 Q4 2020-21 Q1 2021-22 Q2 2021-22 Q3 2021-22 Q4 2021-22 Q1 2022-23

19
Figure 14: Industry Trend of Active Unique Borrowers (in lakhs)

800

700 673
613
Unique Borrower (in Lakh)

593 599 584

600 571 561 551 568 566
547
508
500
414
400

300

200

100

0
Q1 2019-20 Q2 2019-20 Q3 2019-20 Q4 2019-20 Q1 2020-21 Q2 2020-21 Q3 2020-21 Q4 2020-21 Q1 2021-22 Q2 2021-22 Q3 2021-22 Q4 2021-22 Q1 2022-23

Figure 15: Industry Trend of Loan Portfolio Outstanding (₹ in Cr)

3,00,000
2,75,750
2,62,599
2,50,826
2,50,000 2,32,126
2,24,204 2,27,843 2,27,893 2,22,307 2,25,331
Loan Outstanding (₹ in crore)

2,11,849
1,96,820
2,00,000 1,89,056 1,94,982

1,50,000

1,00,000

50,000

-
Q1 2019-20Q2 2019-20Q3 2019-20Q4 2019-20Q1 2020-21Q2 2020-21Q3 2020-21Q4 2020-21Q1 2021-22Q2 2021-22Q3 2021-22Q4 2021-22Q1 2022-23

Figure 16: Industry Trend of Delinquency at various time periods

18.00%
16.56%
16.00%

14.00% 13.23%

12.00%
10.18%
10.00% 8.49% 9.01%
8.77%
8.00%
6.10% 6.41%
6.00% 4.72% 5.64% 5.27% 5.07%
4.48%
4.98% 3.48% 3.55% 3.60%
4.00% 4.10% 2.96%
1.78% 1.89% 2.43%
1.40% 3.01% 1.88%
2.00% 0.98% 1.02% 1.29% 1.01%
0.81% 0.86%
0.60% 0.65%
0.51% 0.86% 0.43% 0.63%
0.00% 0.40% 0.42%
Q1 2019-20 Q2 2019-20 Q3 2019-20 Q4 2019-20 Q1 2020-21 Q2 2020-21 Q3 2020-21 Q4 2020-21 Q1 2021-22 Q2 2021-22 Q3 2021-22 Q4 2021-22 Q1 2022-23
30+ 60+ 90+

20
Figure 17: Industry Trend of Average Ticket size

₹45,000

₹38,782 ₹39,209 ₹40,070 ₹39,804

₹40,000
₹36,744
₹34,824 ₹34,756 ₹35,706 ₹35,076
₹35,000 ₹33,313 ₹33,474
₹31,936
Average Ticket Size (₹)

₹30,000 ₹28,595

₹25,000

₹20,000

₹15,000

₹10,000

₹5,000

₹0
Q1 2019-20Q2 2019-20Q3 2019-20Q4 2019-20Q1 2020-21Q2 2020-21Q3 2020-21Q4 2020-21Q1 2021-22Q2 2021-22Q3 2021-22Q4 2021-22Q1 2022-23

21
 Section II

While the Section I provides data and analysis of the microfinance sector, based on the
data collected from a secondary source viz. Equifax, the data in Section II is based on the
data collected directly from member and non-member MFIs. The analysis of this section
provides quantitative inputs on the functioning of MFIs in the country.

Performance Highlights of MFIs

(Excluding Banks and SFBs)

S. No. Indicators As on 30 As on 31 As on 30 (Q-o-Q (Y-o-Y

June 2022 March June Growth) Growth)
(137 MFIs) 2022 2021
(137 (129
MFIs) MFIs)
1 No. of Branches 16,799 16,110 15,012 4.28% 11.90%
2 No. of Staff (in lakhs) 1.38 1.34 1.21 2.99% 14.05%
3 No. of Loan Officers (in lakhs) 0.83 0.82 0.73 1.22% 13.70%
4 Managed/Securitized Portfolio for 31,216 34,734 29,338 -10.13% 6.40%
the period (Off-balance Sheet
only) – (₹ in Cr)
5 Out of Managed Portfolio, BC 22,304 25,725 22,573 -13.30% -1.19%
Portfolio alone – (₹ in Cr)
6 Total Assets (₹ in Cr.) 75,521 76,774 62,185 -1.63% 21.45%
7 Average Cost of Fund (in %) 11.04% 10.51% 11.09% 0.53% -0.05%
(Weighted Average value)
8 Average Operating Cost (in %) 6.90% 7.30% 6.22% -0.40% 0.68%
(Weighted Average value)
9 Average Interest Rate (in %) 22.58% 20.88% 20.69% 1.70% 1.89%
(Weighted Average value)
10 ROE (in %) (Weighted Average 1.03% 2.05% 4.91% -1.02% -3.88%
value)
11 ROA (in %) (Weighted Average 0.13% 0.46% -0.30% -0.33% 0.43%
value)
This summary is based on the data collected from 137 member MFIs.

22
1. Branch Network:

As of 30th June 2022, MFIs have increased their branches to 16,799 posting a growth of 4.28%
compared to Q4 FY21-22. On Y-o-Y, the branch network has posted a growth of 11.90%. Out
of total branches, Small MFIs (GLP<₹100 Cr) have 1,351 branches, Medium MFIs (GLP
between ₹100-₹500 Cr) have 1,594 branches, Large MFIs (GLP between ₹500-₹2,000 Cr)
have 3,868 branches and Very Large (GLP>₹2,000 Cr) have 9,986 branches.

Figure 1: MFI Branch Network - Total and Category-wise break up

18,000 16,799
16,110
16,000
14,000
12,000
9,986 9,535
10,000
8,000
6,000
3,868
4,000 3,726
1,351 1,283 1,594 1,566
2,000
-
Total <100 Cr. 100-500 Cr. 500-2,000 Cr. >2,000 Cr.

Q1 FY 22-23 Q4 FY 21-22

Table 1: Top 10 MFIs in terms of No. of Branches and No. of Districts

S. No Name of MFI No. of Name of MFI No. of Districts

Branches
1 Asirvad 1,541 Asirvad 410
2 Annapurna 1,076 Satin Creditcare 373
Finance
3 Spandana 1,044 Annapurna Finance 360
4 Satin Creditcare 1,031 Svatantra 327
5 IIFL Samasta 962 IIFL Samasta 303
6 Muthoot Microfin 957 Share Microfin 295
7 Svatantra 770 Muthoot Microfin 294
8 Belstar 755 Spandana 294
9 Share Microfin 721 Satya MicroCapital 236
10 Cashpor 675 NOCPL 226

2. Rural-Urban Share of Microfinance Borrowers:

Figure 2 indicates that the client outreach in rural areas constitutes 76% whereas the share
in urban areas is 24%. Rural Clients for NBFC-MFIs are 74% of their total clientele whereas
NBFCs, Sec. 8 Coms, and, Other NGO-MFIs (Society, Trust, and MACS/Co-operative) are
63%, 96%, and 72% of their respective total clientele. One of the key findings from our
research shows that small-size MFIs and Sec. 8 Coms are rural-centric.

23
Figure 2: Rural-Urban shares of MFI Borrowers

24%

Rural
Urban

76%

3. Managed Portfolio:

Off-balance sheet portfolio is ₹31,216 crores which is 34% of the aggregated GLP. Managed
Portfolio (off-balance sheet portfolio) has decreased by 10.13% over Q4 FY21-22. On a Y-o-Y
basis, Managed Portfolio has increased by 6.40%. Within the off-balance sheet portfolio, the
share the of portfolio created under Business Correspondent (BC) is 71% of the Managed
Portfolio, amounting to ₹22,304 crores.

Figure 3: Managed Portfolio: Total and Category-wise break up as on June 2022

40,000
34,734
35,000 31,216
29,669
30,000
Managed Portfolio (₹ in Cr)

25,985
25,000
20,000
15,000
10,000
5,000 1,930 1,818 2,8522,820
448 427
-
Total <100 Cr. 100-500 Cr. 500-2,000 Cr. >2,000 Cr.

Q1 FY 22-23 Q4 FY 21-22

4. Business Correspondent (BC) Portfolio:

The total BC portfolio of 64 MFIs together is ₹22,304 crores, 71% of the Off-balance sheet
portfolio. BC Portfolio has decreased by 13.30% over Q4 (Jan’22–Mar ’22). On a Y-o-Y basis,
BC Portfolio has decreased by 1.19%.

24
Figure 4: Business Correspondent (BC) Portfolio - Total and Category-wise break up

30,000
25,725
25,000 22,304 21,446
BC Portfolio (₹ in Cr)

20,000 17,762

15,000

10,000

5,000
1,905 1,788 2,187 2,070
448 422
-
Total <100 Cr. 100-500 Cr. 500-2,000 Cr. >2,000 Cr.

Q1 FY 22-23 Q4 FY 21-22

Table 2: Name of MFIs with BC Portfolio above 50% of Total Portfolio

S. No. Name of the MFI % of BC

Portfolio
1 New Opportunity Consultancy Pvt. Ltd (NOCPL) 100%
2 Centre for Development Orientation & Training (CDOT) 100%
3 Citta Plus Consultancy Pvt. Ltd. 100%
4 Finsigma Inclusive Services Pvt. Ltd. 100%
5 Sri Kshetra Dharmasthala Rural Development Project (SKDRDP) 100%
6 Taraashna Financial Services Ltd. 100%
7 Ambition Services Pvt. Ltd. 100%
8 PAFT Finance Ltd. 100%
9 Gramalaya Microfin Foundation (GMF) 100%
10 Shikhar Microfinance Pvt. Ltd. 99%
11 Vector Finance Pvt. Ltd. 96%
12 Aparajita Mahila Sangh 95%
13 Samhita Community Development Services 94%
14 Aasra Fincorp Pvt. Ltd. 89%
15 Prayas Financial Services Pvt. Ltd. 87%
16 People Action for Transformation (PAT) 83%
17 GU Financial Services Pvt. Ltd. 77%
18 Sampark Fin Services Pvt. Ltd. 75%
19 Arth MicroFinance Pvt. Ltd. 72%
20 Disha India Micro Credit (DIMC) 71%
21 SEVA Manipur 66%
22 Navachetana Microfin Services Pvt. Ltd. 54%
23 BWDA Finance Ltd. 53%

Out of 137 reported MFIs, 64 MFIs are engaged in BC arrangements with various banks/FIs.
Out of 64 MFIs, 9 MFIs have 100% BC portfolio and 14 MFIs have BC portfolio above 50% but
below 100% of their total portfolio.

25
5. Loan Outstanding Per Borrower:

Loan outstanding per borrower has been an important criterion to understand the general
profile of clients borrowing from MFIs. It has implications on operating cost as well as the
adequacy of loan amount for the purpose it was borrowed.

The loan outstanding per borrower of the microfinance sector is ₹28,353 in Q1 whereas it
was ₹29,713 in Q4. As can be seen in Figure 5. Across portfolio size Large MFIs (GLP between
₹500-₹2,000 Cr) have the highest loan outstanding per borrower whereas Medium MFIs
(GLP between ₹100-₹500 Cr.) have the lowest.

Figure 5: Loan Outstanding per Borrower across Size and Legal Form

35,000
30,310 30,167 32,025 30,332
29,713 30,115 29,873
30,000 28,353 28,11730,06227,759 29,191
Loan Outstanding per client (₹)

26,237
25,603 24,82425,129
25,000
21,44822,081
20,000

15,000

10,000

5,000

-
MF Sector <100 Cr. 100-500 Cr. 500-2,000 Cr. >2,000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
MFIs

6. Workforce and Productivity:

6.1 Workforce in MFIs

As of 30th June 2022, MFIs employed 1.38 lakhs staff, and posted a growth of 2.99%
compared to Q4 FY21-22. On a Y-o-Y basis, staff has increased by 14.05%. MFIs employed
0.83 lakhs field staff, a growth of 1.22% over the previous quarter (Q4 FY 21-22). Compared
with the first quarter of the previous financial year (Q1 FY21-22), there has been a Y-o-Y
growth of 13.70%. Out of total staff, Very Large MFIs (GLP>₹2,000 Cr) employed 0.94 lakhs
staff, hold 68% of total staff.

Figure 6: No. of MFI Staff: Total Staff and Category-wise break up of Total Staff

1.60
1.38
1.40 1.34
1.20
No. of Staff (in lakh)

0.94 0.92
1.00 0.83
0.82
0.80
0.60
0.40 0.27 0.26
0.20 0.08 0.07 0.09 0.09
-
Field Staff Total Staff <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr.

Q1 FY 22-23 Q4 FY 21-22

26
Figure 7: No. of Staff Recruited and Left/Dropped across different categories

25,000
21,830

19,353 NBFC- MFIs

20,000
17,689 account for 89%
15,495
and Very Large
14,938
15,000 MFIs (GLP
>₹2,000 Cr)
12,006
account for 68%
10,000
of the total
recruitment
4,861
5,000 3,970 whereas NBFC-
1,526 1,040
MFIs account for
1,472 588 991 885
408
363314 828 88% and Very
-
Total NBFC-MFIs NBFCs Sec 8 Coms Other NGO- <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. Large MFIs (GLP
>₹2,000 Cr)
MFIs

Recruited Dropped/Left account for 68%

During Q1FY22-23, a total of 21,830 new staff has been recruited by 98 MFIs whereas 17,689
staff has been left/dropped from 102 MFIs. Break-up of figures of new staff recruitment and
staff left/dropped further indicate that a major part of new staff were hired by NBFC-MFIs

Table 3: Staff Attrition across different categories

Categories No. of staff No. of No. of No. of Staff Staff

at the Staff who new Staff staff at Attrition Attrition
beginning left/drop recruited the end Rate Rate of
of Q1 FY ped MFIs during of Q1 FY (Q1) previous
22-23 during the 22-23 Quarter
the quarter (Q4)
quarter.
NBFC-MFIs 1,08,198 15,495 19,353 1,11,218 14% 14%
NBFCs 8,544 1,472 1,526 8,814 17% 22%
Sec. 8 Coms 6,551 408 588 6,713 6% 7%
Other NGO-MFIs 10,427 314 363 10,928 3% 1%
GLP <₹100 Cr 6,949 828 1,040 7,566 11% 10%
GLP between ₹100-₹500 9,055 885 991 9,268 14%
Cr 10%
GLP between ₹500- 25,550 3,970 4,861 26,963 14%
₹2,000 Cr 15%
GLP >₹2,000 Cr 92,166 12,006 14,938 93,876 13% 14%
Total 1,33,720 17,689 21,830 1,37,673 13% 14%

27
Figure 8: MFI Field Staff v/s Other Staff

Sixty percent (60%) of total staff is

field staff, working in the branches
of MFIs. This is obviously because of
40% the labour-intensive nature of the
MFI operations, which involves
60% human interaction with clients.
Other Staff comprises 40% of the
total staff who are professional or
administrative staffs who perform
general office related works.
Field Staff Other Staff

6.2 Staff Productivity

6.2.1 Clients per Loan Officer

It measures the number of active borrowers served by a credit officer. The ratio is an
effective way to measure staff productivity. The number is significant as it determines the
quantity and quality of time spent by the credit officer with a borrower, affecting his/her
service quality. Figure 9 shows that number of clients served by a credit officer is 391 in Q1
FY 22-23, it is remained unchanged from in Q4 FY21-22.

Figure 9: Client per Loan Officer: Total and Category-wise breakup

450 419 416

391 391
400 372
353
337 349
350
Client per Loan Officer

300 271
252
250
200
150
100
50
-
MF Sector <100 Cr. 100-500 Cr. 500-2,000 Cr. >2,000 Cr.

Q1 FY 22-23 Q4 FY 21-22

6.2.2 Client per Branch

Figure 10 shows that number of clients served per branch has decreased in Q1 FY 22-23 from
Q4 FY21-22. The performance of the MFIs under all categories except Medium MFIs (GLP
between ₹100-₹500 Cr) have also decreased.

28
Figure 10: Client per Branch - Total and Category-wise breakup

3,000

2,500 2,353 2,442

1,927 1,983
2,000
Client per Branch

1,516 1,536
1,500
1,246 1,196
1,000 757 831

500

-
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr.

Q1 FY 22-23 Q4 FY 21-22

6.2.3 GLP per Loan Officer

Figure 11 shows that the number of GLP per Loan Officer has decreased in Q1 FY 22-23 from
Q4 FY21-22. The performance of the MFIs under all categories except Medium MFIs (GLP
between ₹100-₹500 Cr) have also decreased.

Figure 11: GLP per Loan Officer (in lakhs) - Total and Category-wise breakup

160

140 134
127
116
120 111
GLP per Loan Officer (in Lakhs)

100 87
86 82
79
80

60 48
47
40

20

-
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr.

Q1 FY 22-23 Q4 FY 21-22

6.2.4 GLP per Branch

Figure 12 shows that number of GLP per Branch has decreased in Q1 FY22-23 from Q4 FY21-
22. The performance of the MFIs under all categories except Medium MFIs (GLP between
₹100-500 Cr) have also decreased.

29
Figure 12: GLP per Branch: Total and Category-wise breakup

900
787
800
716
700
589
GLP per Branch (in Lakhs)

600 546
500
400 356 361
292 291
300
200 141 148

100
-
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr.

Q1 FY 22-23 Q4 FY 21-22

7. Financial Performance:

7.1 Total Assets

As of 30th June 2022, MFIs have total assets of ₹75,521 crores, there is a decline of 1.03% over
Q4 FY21-22. Total assets of the MFIs across portfolio size have decreased except for Small
MFIs (GLP<₹100 Cr).

Figure 13: Total Assets: Total and Category-wise breakup

90,000

80,000 75,521 76,774

69,385 70,375
70,000

60,000 55,859 57,065

50,000
Total Assets (₹ in Cr)

40,000

30,000

20,000 13,489
13,569
2,946 2,520
10,000 2,495 2,400 3,676 3,740 669 618 3,305 2,476
-
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFC Sec 8 Com Other NGO-
MFIs

Q1 FY 22-23 Q4 FY 21-22

7.2 Total Income

As of 30th June 2022, MFIs earned total income of ₹4,055 crores. Out of Total Income, Small
MFIs (GLP<₹100 crore) earned ₹161 crores, Medium MFIs (GLP between ₹100-₹500 crore)
earned ₹165 crores, Large MFIs (GLP between ₹500-₹2,000 Cr) earned ₹673 crores and Very
Large MFIs (GLP>₹2,000 Cr) earned ₹3,056 crores.

30
Figure 14: Total Income: Total and Category-wise breakup

4,500 4,055
4,000 3,812 3,674
3,443
3,500 3,056
3,000
2,492
2,500
Total Income (₹ in Cr)

2,000
1,500
853
1,000 673
500 338
161 130 165 107 115 159 173 114 83
-
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
MFIs

Q1 FY 22-23 Q4 FY 21-22

8. Cost (Operational & Financial) and Interest Rate (charged to clients)

8.1 Operating Cost

The operating cost (weighted average value) of the microfinance sector for Q1 FY22-23 is
6.90%, decreased from 7.30% in Q4. Across portfolio size, Operating Cost is the lowest for
Very Large MFIs (GLP >₹2,000 Cr) at 6.69% and highest for Small MFIs (GLP < ₹100 Cr) at
8.95%. Among the legal form, Sec 8 Coms have lowest operating cost at 6.21%, whereas
operating cost is the highest for NBFCs at 9.56%. Operating cost in all portfolio size categories
except Very Large MFIs (>₹2,000 Cr) have increased.

Figure 15: Operating Cost: Total and Category-wise breakup

12.00%
9.56% 9.65%
10.00% 8.95% 8.78%
8.18% 7.73%
Average Operating Cost (in %)

7.30% 7.74% 7.26% 7.29%

8.00% 6.90% 7.01% 6.69% 6.88% 7.23%
6.21% 6.38% 6.51%
6.00%

4.00%

2.00%

0.00%
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
MFIs

Q1 FY 22-23 Q4 FY 21-22

8.2 Cost of Fund

The Cost of Fund (weighted average value) of the microfinance sector for Q1 FY 22-23 is
11.04%, increased from 10.51% in Q4. Across portfolio size, the Cost of Fund is the lowest for
Very Large MFIs (GLP >₹2000 Cr) at 10.72% and the highest for Small MFIs (GLP <₹100 Cr) at
12.74%. Among the legal form, Sec. 8 Coms have the lowest cost of fund at 10.52%, whereas
cost of fund is the highest for NBFCs at 12.51%.

Cost of Fund in all portfolio size categories except for Small MFIs (GLP >₹100 Cr) and Medium
MFIs (GLP ₹100 - ₹500 Cr) have also increased.
31
Figure 16: Average Cost of Fund: Total and Category-wise breakup

14.00% 12.74% 12.83% 12.89%

12.20% 12.51%
11.64% 11.93%
12.00% 11.04% 11.04% 11.42%11.32%
11.22% 10.72% 10.52%
10.51% 10.38% 10.84%
10.01%
Average Cost of Fund (in %)

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
MFIs

Q1 FY 22-23 Q4 FY 21-22

8.3 Interest Rate (Rate of Interest charged to clients)

The Interest Rate (weighted average value) of the microfinance sector for Q1 FY22-23 is
22.58%, increased from 20.88% in Q4. Across portfolio size, interest rate is the lowest for very
Large MFIs (GLP>₹2,000 Cr) at 22.54% and highest for Small MFIs (GLP < ₹100 Cr) at 23.18%.
Among the legal form, Sec. 8 Coms have lowest at 18.14%, whereas interest rate is the
highest for NBFC-MFIs at 22.89%. Interest rate across all portfolio size categories have
increased.

Figure 17: Average Interest Rate: Total and Category-wise breakup

25.00% 23.18% 22.71% 22.89% 22.88%

22.58% 22.69% 22.64%
21.89% 22.54% 21.86%
20.88% 21.08% 20.69% 21.05%
20.25% 20.47%
20.00% 18.14% 18.48%
Average Interest Rate (in %)

15.00%

10.00%

5.00%

0.00%
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
MFIs

Q1 FY 22-23 Q4 FY 21-22

32
Table 4: Trend of Cost of Funds, Operating Cost, and Interest Rate across Size, and Legal Form

Operating Cost
Q1 FY 22-23 Q4 FY 21-22 Q3 FY 21-22 Q2 FY 21-22 Q1 FY 21-22
MF Sector 6.90% 7.30% 7.10% 7.02% 9.05%
<₹100 Cr. 8.95% 8.78% 8.63% 8.39% 6.69%
₹100-₹500 Cr. 8.18% 7.74% 8.19% 7.56% 6.73%
₹500-₹2,000 Cr. 7.26% 7.01% 7.06% 7.16% 5.88%
>₹2,000 Cr. 6.69% 7.29% 6.95% 6.86% 6.22%
NBFC-MFIs 6.88% 7.23% 7.12% 7.05% 6.22%
NBFCs 9.56% 9.65% 7.05% 7.27% 6.42%
Sec. 8 Coms 6.21% 6.38% 6.56% 6.37% 5.45%
Other NGO-MFIs 6.51% 7.73% 7.92% 7.42% 8.22%
Cost of Funds
Q1 FY 22-23 Q4 FY 21-22 Q3 FY 21-22 Q2 FY 21-22 Q1 FY 21-22
MF Sector 11.04% 10.51% 10.63% 11.12% 11.09%
<₹100 Cr. 12.74% 12.83% 12.84% 12.97% 12.84%
₹100-₹500 Cr. 11.64% 12.20% 11.97% 12.47% 12.06%
₹500-₹2,000 Cr. 11.93% 11.22% 12.48% 12.36% 12.29%
>₹2,000 Cr. 10.72% 10.38% 10.51% 10.57% 10.57%
NBFC-MFIs 11.04% 10.84% 10.03% 11.22% 10.73%
NBFCs 12.51% 12.89% 12.32% 12.30% 10.61%
Sec. 8 Coms 10.52% 10.01% 10.23% 9.78% 13.67%
Other NGO-MFIs 11.42% 11.32% 11.10% 10.87% 11.13%
Interest Rate - charged to clients
Q1 FY 22-23 Q4 FY 21-22 Q3 FY 21-22 Q2 FY 21-22 Q1 FY 21-22
MF Sector 22.58% 20.88% 20.82% 20.98% 20.69%
<₹100 Cr. 23.18% 22.69% 22.81% 22.64% 22.27%
₹100-₹500 Cr. 22.64% 21.89% 21.39% 21.72% 21.92%
₹500-₹2,000 Cr. 22.71% 21.08% 20.69% 21.13% 21.60%
>₹2,000 Cr. 22.54% 20.69% 20.74% 20.79% 20.18%
NBFC-MFIs 22.89% 21.05% 20.85% 20.96% 20.60%
NBFCs 20.25% 20.47% 23.53% 24.22% 24.18%
Sec.8 Coms 18.14% 18.48% 18.10% 18.50% 18.31%
Other NGO-MFIs 22.88% 21.86% 20.70% 20.93% 20.99%

Table 4 showing trends cost of funds, operating cost and interest rates across size and legal
form.

33
9. Profitability Ratios:

9.1 Return on Asset (RoA) and Return on Equity (RoE)

Figure 18 (a): Return on Assets: Total and Category-wise breakup

3.00%
2.53%
2.50%
2.05%
Return on Assets (in %)

2.00%

1.50%

0.90% 0.95%
1.00% 0.79%
0.68%
0.53% 0.51% 0.49% 0.56%
0.46%
0.50% 0.46% 0.28% 0.28%
0.29% 0.17%
0.03%
0.00%
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
-0.10% MFIs
-0.50%

Q1 FY 22-23 Q4 FY 21-22

Figure 18 (b): Return on Equity: Total and Category-wise breakup

8.00% 7.33%
7.00%
6.00% 5.31%
Return on Equity (in %)

5.00%
4.16%
4.00% 3.65%

3.00% 2.37% 2.53%

2.05% 2.05%
2.00% 1.34%
1.03% 0.79% 0.95%
0.58% 0.75% 0.67%
1.00% 0.39%
0.00%
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFCs Sec 8 Coms Other NGO-
-1.00% -0.21% -0.22% MFIs

Q1 FY 22-23 Q4 FY 21-22

Figures 18(a) and 18 (b) show the distribution of RoA and RoE across different legal forms of
MFIs.

10 Funding:

10.1. Fund received during Q1_FY 2022-23

Total fund received during Q1 (April’22–June’22) is ₹8,528 crores. Out of which Very Large
MFIs (GLP>₹2,000 crores) is leading with ₹7,004 crores, constituting 82% of total fund
received whereas other MFIs together received only ₹1,524 crores, constituting 18% of the
total fund. Among the legal form, NBFC-MFIs have received ₹8,400 crores, constituting 99%
of total fund received.

34
Figure 19: Fund Received - Total and Category-wise breakup

9,000 8,528 8,400

8,000
7,004
7,000
Funds Received (₹ in Cr)

6,000

5,000

4,000

3,000

2,000
1,252
1,000
114 158 43 59 26
-
MF Sector <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr. NBFC-MFIs NBFC Sec 8 Com Other NGO-
MFIs

Table 5: Source wise funds received by different sizes of MFIs during Q1_FY 2022-23

Size Perio No. Out of Out of % of Total % of

(1) d/Qu of Col 3, Col 3, No. MFI not Fund Fund
arter MFIs No. of of MFIs recd. recd. (₹ recd.
(2) repor MFIs not recd. Fund in crore) against
ted recd. fund from (6) (Col. (7) Total
(3) Fund any 5 /Col. 3 Fund
*100)
(4) source (5) recd. (8)
MFIs with GLP<₹100 cr. 87 37 49 57% 113.73 1.33%
Out of which NBFC- Q1_FY
22-23 29 15 14 48% 46.87 0.55%
MFIs
(Apr
MFIs with GLP >₹100 22-Jun 23 12 11 48% 158.04 1.85%
cr. but <₹500 cr. 22)
Out of which NBFC-
15 10 5 33% 156.45 1.83%
MFIs
MFIs with GLP>₹500 cr.
15 12 3 20% 1,251.75 14.68%
but <₹2,000 cr.
Out of which NBFC-
14 11 3 21% 1,247.25 14.63%
MFIs
MFIs with GLP>₹2,000
12 11 1 8% 7,004.19 82.13%
cr.
Out of which NBFC-
9 9 0 0% 6,949.78 81.50%
MFIs
Total 137 72 64 47% 8,528

10.2 Sources of Fund

Figure 20 shows that Bank borrowing is the maximum source of funding which constitutes
42% of total funding of ₹8,528 crores, followed by Securitization and Direct Assignment at
31%.

35
Figure 20: Sources of funding based on types of instruments

Banks
SIDBI
2%
NABARD
31% MUDRA
41%
Bulk Lenders
Other FIs
0%
11% Non-convertible Debentures (NCDs)
8% 4% 1%
Securitization and Direct Assignment
2%
Any Other Source

Table 6: Source-wise funds received by different sizes of MFIs Q1_FY 2022-23

Source of Fund Size wise Category

(₹ in cr) MFIs Out of MFIs Out of MFIs Out of MFIs with Out of Total
with which with GLP which with which GLP>₹2,000 which
GLP<₹ NBFC- >₹100 cr. NBFC- GLP>₹5 NBFC- cr. NBFC-MFIs
100 cr. MFIs but MFIs 00 cr. MFIs
<₹500 cr. but
<₹2,000
cr.
Fund Recd. from 34.49 10.00 62.00 62.00 169.96 169.96 815.00 805.00 1081.00
Public Sector Banks
Fund Recd. from 3.36 0.00 32.00 32.00 277.50 277.50 2145.77 2145.77 2459.00
Pvt. Sector Banks
Funds Recd. from 0.00 0.00 4.00 4.00 50.00 50.00 0.00 0.00 54.00
SIDBI
Fund Recd. from 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NABARD
Fund Recd. from 0.00 0.00 0.00 0.00 0.00 0.00 150.00 150.00 150.00
MUDRA
Fund Recd. from 7.95 7.00 0.00 0.00 134.00 134.00 170.00 170.00 312.00
Bulk Lenders
Fund Recd. From 31.81 18.80 49.70 48.70 210.00 210.00 373.16 367.75 665.00
Other FIs
Fund Recd. By 20.29 2.92 9.90 9.75 122.30 122.30 807.65 768.65 960.00
issuing NCDs
Amt Recd from 0.00 0.00 0.00 0.00 182.00 182.00 2494.44 2494.44 2676.00
Securitization and
Direct Assignment
Amt Recd. from any 15.82 8.15 0.44 0.00 105.97 101.47 48.17 48.17 170.00
other source
Total Fund 113.7 46.88 158.04 156.45 1251.75 1247.25 7004.19 6949.78 8528.00
Received

36
11. Annexures:

11.1 Annexure I: State/UT-wise Presence of MFIs

Name of the States/UTs Name of the MFIs No. of

MFIs
Andaman & Nicobar BWDA Finance. 1
Islands (AN)
Andhra Pradesh (AP) Asirvad, NABFINS, RASS, Spandana. 4
Arunachal Pradesh (AR) Nightingale, Svatantra, UNACCO. 3
Assam (AS) Ajagar, Annapurna Finance, ASA International, Asirvad, 23
GDFPL, IIFL Samasta, Jagaran, NABFINS, Nightingale,
NOCPL, Prochesta, Sarala, Satin, Satra, Satya, Share
Microfin, Svatantra, UNACCO, Uttrayan, Vector, Vedika,
VFS, YVU Financial.
Bihar (BR) Annapurna Finance, ASA International, Asirvad, Belstar, 41
Cashpor, CDOT, DCBS, Grameen Shakti, IIFL Samasta,
Jagaran, Midland, Mitrata, Muthoot, NABFINS, NBJK,
NEED, NOCPL, Pahal, Prayatna, Saija, Samavesh,
Samhita, Sarala, Satin, Satya, Save Microfinance, Seba
Rahara, SEED Capital, Servitium, Share Microfin, Sonata,
Spandana, Svamaan, Svatantra, SVCL, Taraashna,
Uttrayan, Vaya, Vedika, VFS, WeGrow.
Chandigarh (CH) Asirvad, Satya. 2
Chhattisgarh (CG) Annapurna Finance, Asirvad, Aviral, Belstar, Cashpor, 27
Growing Opportunity, GU Finance, IIFL Samasta, IMPACT,
Muthoot, NABFINS, NOCPL, Pahal, Prayatna, Samhita,
Sampark Fin Services, Satin, Satya, Save Microfinance,
Share Microfin, Spandana, Svamaan, Svasti, Svatantra,
SVCL, Vector, VFS.
Delhi (DL) Belstar, Prayatna, Satin, Satya, Share Microfin, Shikhar. 6
Goa (GA) Annapurna Finance, Asirvad, IDF, IIFL Samasta, Share 7
Microfin, Spandana, Svasti.
Gujarat (GJ) Annapurna Finance, Asirvad, Belstar, Hindusthan, IIFL 24
Samasta, Midland, Muthoot, NOCPL, Pahal, Prayas
Financial, Saath Mahila, Satin, Satya, Sewa Bank, Shroff,
Share Microfin, Spandana, SVCL, Svasti, Svatantra,
Swayam Micro, Taraashna, The Saath, Unnati.
Haryana (HR) Aasra, Ambition Services, Annapurna Finance, Arth, 23
Asirvad, Belstar, Digamber, Magenta, Midland, Mitrata,
Muthoot, Pahal, Saija, Satin, Satya, Save Microfinance,
Share Microfin, Shikhar, Sonata, Spandana, Svatantra,
SVCL, VFS.
Himachal Pradesh (HP) Annapurna Finance, Arth, Digamber, DIMC, Midland, 7
Satin, Satya.
Jammu & Kashmir (JK) Digamber, Satin, Satya. 3
Jharkhand (JH) Annapurna Finance, Asirvad, Cashpor, Grameen Shakti, 27
IIFL Samasta, Jagaran, Midland, Muthoot, NABFINS, NBJK,
Prayatna, Saija, Samavesh, Sarala, Satin, Satya, Save
Microfinance, Share Microfin, Sonata, Spandana,
Svamaan, Svatantra, SVCL, Uttrayan, Vaya, Vedika, VFS.
37
Name of the States/UTs Name of the MFIs No. of
MFIs
Karnataka (KA) Annapurna Finance, Asirvad, Belstar, BWDA Finance, 24
Hindusthan, IDF, IIFL Samasta, Muthoot, NABFINS,
Navachetana, NOCPL, Rors, Sanghamitra, Satin, Satya,
Shree Marikamba, SIF, SKDRDP, Share Microfin,
Spandana, Svamaan, Svatantra, Vaya, Virutcham.
Kerala (KL) Asirvad, Belstar, Blaze Trust, BWDA Finance, IIFL Samasta, 23
IMPACT, Janashree, Jeevankiran, Life Foundation, Max
United, Kiara, KPB Fincare, Magalir, Muthoot, NABFINS,
NOCPL, Sahrudaya Wesco, Share Microfin, SKDRDP,
Spandana, Svatantra, Vanchinad, Virutcham.
Madhya Pradesh (MP) Aasra, Annapurna Finance, Arth, Aprajita, Asirvad, 33
Belstar, Cashpor, Digamber, Hindusthan, IIFL Samasta,
Jigyasa, Midland, Mitrata, Muthoot, NABFINS, NOCPL,
Pahal, Prayas Financial, Prayatna, Pratyancha, Samhita,
Satin, Satya, Share Microfin, Sonata, Spandana, Surya
Jyoti, Svasti, Svatantra, SVCL, Taraashna, Vector, VFS.
Maharashtra (MH) Agora, Annapurna Mahila, Anik, Annapurna Finance, 27
Asirvad, Belstar, Hindusthan, IDF, IIFL Samasta, Muthoot,
NABFINS, Navachetana, NOCPL, Pahal, Pratyancha,
Sanghamitra, Satin, SELF, Share Microfin, Sonata,
Spandana, Svamaan, Svasti, Svatantra, Taraashna,
Unnati, Vaya.
Manipur (MN) Chanura, LaRaksha, Leima, SEAT, SEVA, UNACCO, 7
YVU Financial.
Meghalaya (ML) Annapurna Finance, ASA International, GDFPL, 8
Nightingale, Satin, UNACCO, Uttrayan, VFS.
Mizoram (MZ) GDFPL, NABFINS, Nightingale, UNACCO. 4
Nagaland (NL) GDFPL. 1
Odisha (OD) Annapurna Finance, ASA International, Asirvad, Aviral, 27
Belstar, Cashpor, GU Finance, Glowmore, IIFL Samasta,
Jagaran, Kiara, Muthoot, NABFINS, NOCPL, Sampark Fin
Services, Satin, Satya, SEED Capital, Share Microfin,
Spandana, Svatantra, Swayamshree, Uttrayan, Vaya,
Vector, Vedika, VFS.
Puducherry (PY) Asirvad, Belstar, BWDA Finance, BWDC, GMF, Growing 18
Opportunity, IIFL Samasta, Muthoot, NABFINS, NOCPL,
PAFT, REPCO, Satin, Satya, Spandana, Valar, Virutcham,
Vivardhana.
Punjab (PB) Ambition Services, Annapurna Finance, Arth, Asirvad, 18
Belstar, Digamber, Magenta, Midland, Muthoot, Saija,
Save Microfinance, Satin, Satya, Sonata, Svatantra,
SVCL, Taraashna, Uttrayan.
Rajasthan (RJ) Aasra, Annapurna Finance, Arth, Asirvad, Belstar, 29
Digamber, Hindusthan, IIFL Samasta, Midland, Mitrata,
Muthoot, NABFINS, NOCPL, Pahal, Prayas Financial, PSC,
Pustikar, Satin, Satya, Save Microfinance, Shram Sarathi,
Share Microfin, Sonata, Spandana, Svasti, Svatantra,
SVCL, Taraashna, Uttrayan.

38
Name of the States/UTs Name of the MFIs No. of
MFIs
Sikkim (SK) Asirvad, Sarala, Satin, UNACCO, Uttrayan, VFS. 6
Tamil Nadu (TN) Annapurna Finance, Asirvad, Belstar, Blaze Trust, BWDA 46
Finance, BWDC, Citta Plus, Finsigma, GMF, Growing
Opportunity, IIFL Samasta, IMPACT, Kiara, KPB Fincare,
LaRaksha, Magalir, Magilchi, Mahasemam, Muthoot,
NABFINS, Navachetana, NOCPL, PAT, PAFT, RASS, REPCO,
Rors, Sai Mithra, Sanghamitra, Sarvodaya Nano, Satin,
Satya, SIF, Share Microfin, Spandana, Subiksham, Svasti,
Svatantra, Swarnodhyam, Valar, Valar, Vanchinad,
Vaya, Virutcham, Vision, Vivardhana, Wesghats,
WOMAN.
Telangana (TS) Asirvad, Spandana. 2
Tripura (TR) Annapurna Finance, ASA International, Asirvad, Belstar, 14
IIFL Samasta, NABFINS, Satin, Satya, Svatantra, UNACCO,
Vector, Vedika, VFS, YVU Financial.
Uttar Pradesh (UP) Aasra, Ajivika, Annapurna Finance, ASA International, 41
Asirvad, Belstar, Cashpor, Digamber, DIMC, Friends
Capital, Godson, IIFL Samasta, IMPACT, IQRA, Kuber
Kanak, Midland, Mitrata, Muthoot, NEED, NOCPL, Pahal,
Pratyancha, Prayatna, Saija, Samavesh, Samhita, Satin,
Satya, Save Microfinance, Share Microfin, Shikhar,
Sonata, Spandana, Surya Jyoti, Svamaan, Svasti,
Svatantra, SVCL, Vaya, Vedika, VFS.
Uttarakhand (UK) Ajivika, Annapurna Finance, Arth, Asirvad, Balajee Sewa, 18
Belstar, Digamber, DIMC, Midland, Muthoot, Satin, Satya,
Share Microfin, Sonata, Svatantra, SVCL, Uttrayan, VFS.
West Bengal (WB) Annapurna Finance, ASA International, Asirvad, Barasat 33
Sampark, Belstar, BJS, Destiny Finco, DCBS, Grameen
Shakti, IIFL Samasta, Jagaran, Kuber Kanak, LaRaksha,
Midland, Muthoot, NABFINS, NEED, Sarala, Sarwadi, Satin,
Satya, Seba Rahara, Servitium, Share Microfin,
Spandana, STEP, Svatantra, UNACCO, Uttrayan, Vector,
Vedika, VFS, WeGrow.
Based on self-reported data from 137 MFIs.
Note: Names in bold indicate that the MFI is headquartered in that state (Some MFIs having their headquarters
in a particular State/UT don’t have MFI operations in that particular State/UT, therefore their name hasn’t been
included in the State/UT in which they are headquartered)

39
 11.2 Annexure II: Distribution of MFIs

(i) Distribution of MFIs across Legal Form

Legal Form No. of MFIs

NBFC-MFI 67
NBFC 19
Sec. 8 Com 18
Society 16
Trust 10
MACS or Cooperative 7
Total 137

(ii) Distribution of MFIs across Size

Size GLP Base No. of MFIs

Small <₹100 Cr. 87
Medium >₹100 but <₹500 Cr. 23
Large >₹500 but <₹2,000 Cr. 15
Very Large >2,000 Cr. 12
Total 137

11.3 Annexure III: Profile of MFIs which contributed Data for this Report

(i) List of Small MFIs (GLP <₹ 100 Cr)

S.No Name of the MFI Legal Form State/UT

1 Aasra Fincorp Pvt. Ltd. NBFC Uttar Pradesh
2 Agora Microfinance India Ltd. (AMIL) NBFC-MFI Maharashtra
3 Ajagar Finance Pvt. Ltd. NBFC-MFI Assam
4 Ajivika Finance Ltd. NBFC Uttar Pradesh
5 Anik Financial Services Pvt. Ltd. NBFC-MFI Maharashtra
6 Aparajita Mahila Sangh Society Madhya Pradesh
7 Aviral Finance Pvt. Ltd. NBFC-MFI Chhattisgarh
8 Balajee Sewa Sansthan (BSS) Society Uttarakhand
9 Barasat Sampark Society West Bengal
10 Belghoria Janakalyan Samity (BJS) Society West Bengal
11 Bharathi Women Development Center (BWDC) Society Tamil Nadu
12 Blaze Trust Trust Tamil Nadu
13 Centre for Development Orientation & Training Society Bihar
(CDOT)
14 Chanura Microfin Society Manipur
15 Citta Plus Consultancy Pvt. Ltd. NBFC Tamil Nadu
16 Destiny Finco Pvt. Ltd. NBFC-MFI West Bengal
17 Dhosa Chandaneswar Bratyajana Samity (DCBS) Society West Bengal
18 Disha India Micro Credit (DIMC) Sec. 8 Com Uttar Pradesh
19 Finsigma Inclusive Services Pvt. Ltd. NBFC Tamil Nadu
20 Friends Capital Services Ltd. (FCSL) NBFC Uttar Pradesh
21 Glowmore Finance Pvt. Ltd. NBFC Odisha
22 Godson Microfinance Federation Sec. 8 Com Uttar Pradesh
23 Gramalaya Microfin Foundation (GMF) Sec. 8 Com Tamil Nadu

40
S.No Name of the MFI Legal Form State/UT
24 Grameen Development & Finance Pvt. Ltd. NBFC-MFI Assam
(GDFPL)
25 Grameen Shakti Microfinance Services Pvt. Ltd. NBFC-MFI West Bengal
26 Growing Opportunity Finance (India) Pvt. Ltd. NBFC-MFI Tamil Nadu
27 Hindusthan Microfinance Pvt. Ltd. NBFC-MFI Maharashtra
28 Innovative Microfinance for Poverty Alleviation Sec. 8 Com Tamil Nadu
and Community Transformation (IMPACT)
29 IQRA Microfinance Federation Sec. 8 Com Uttar Pradesh
30 Janashree Microfin Ltd. NBFC-MFI Kerala
31 Jeevankiran Society Kerala
32 Jigyasa Livelihood Promotions Microfinance Sec. 8 Com Madhya Pradesh
Company
33 Kiara Microcredit Pvt. Ltd. NBFC-MFI Tamil Nadu
34 KPB Fincare Pvt. Ltd. NBFC Kerala
35 Kuber Kanak Microfinance Association Sec. 8 Com Uttar Pradesh
36 LaRaksha Social Impact Trust Trust Tamil Nadu
37 Life Foundation Trust Kerala
38 Magenta Finance Pvt. Ltd. NBFC-MFI Delhi
39 Magilchi Foundation Trust Tamil Nadu
40 Max United Foundation Trust Kerala
41 Nav Bharat Jagriti Kendra Society Jharkhand
42 NEED Livelihood Microfinance Pvt. Ltd. NBFC-MFI Uttar Pradesh
43 Nightingale Finvest Pvt. Ltd. NBFC-MFI Assam
44 People Action for Transformation (PAT) Trust Tamil Nadu
45 Planned Social Concern (PSC) Sec. 8 Com Rajasthan
46 Pratyancha Financial Services Ltd. NBFC Uttar Pradesh
47 Prayas Financial Services Pvt. Ltd. NBFC-MFI Gujarat
48 Prochesta Thrift and Credit Cooperative Society MACS or Assam
Asom Ltd. Cooperative
49 Pustikar Sakh Sahakari Samiti Ltd. MACS or Rajasthan
Cooperative
50 Rajasthan Shram Sarathi Association Sec. 8 Com Rajasthan
51 Rors Finance Pvt. Ltd. NBFC-MFI Karnataka
52 Saath Mahila Saving and Credit Cooperative Ltd. MACS or Gujarat
Cooperative
53 Sahara Utsarga Welfare Society (SUWS) Society West Bengal
54 Sahrudya Wesco Credit Trust Kerala
55 Sai Mithra Micro Care Foundation Sec. 8 Com Tamil Nadu
56 Samavesh Finserv Pvt. Ltd. NBFC-MFI Uttar Pradesh
57 Sampada Entrepreneurship & Livelihoods Sec. 8 Com Maharashtra
Foundation (SELF)
58 Sampark Fin Services Pvt. Ltd. NBFC Odisha
59 Sampurna Training and Entrepreneurship Sec. 8 Com West Bengal
Programme (STEP)
60 Sarvodaya Nano Finance Ltd. NBFC Tamil Nadu
61 Sarwadi Finance Pvt. Ltd. NBFC-MFI West Bengal
62 Satra Development Finance Pvt. Ltd NBFC-MFI Assam
63 Seba Rahara Society West Bengal
64 SEED Capital Pvt. Ltd. NBFC Bihar
65 Servitium Micro Finance Pvt. Ltd. NBFC-MFI West Bengal
41
S.No Name of the MFI Legal Form State/UT
66 SEVA Manipur Society Manipur
67 Shree Marikamba Micro Finance Pvt. Ltd. NBFC-MFI Karnataka
68 Shroff Capital and Finance Pvt. Ltd. NBFC-MFI Gujarat
69 Socio Economic Action Trust (SEAT) Trust Manipur
70 South India Finvest Pvt. Ltd. (SIF) NBFC-MFI Tamil Nadu
71 Subiksham Women's Welfare Foundation Sec. 8 Com Tamil Nadu
72 Surya Jyoti Leasing and Finance Ltd. NBFC Uttar Pradesh
73 Swarnodhayam Credits Pvt. Ltd. NBFC Tamil Nadu
74 Swayam Micro Services Sec. 8 Com Gujarat
75 Swayamshree Mahila Samabaya Samiti Ltd. MACS or Odisha
Cooperative
76 The Leima Thrift and Credit Cooperative Society Society Manipur
Ltd.
77 The Saath Savings and Credit Cooperative MACS or Gujarat
Society Ltd. Cooperative
78 UNACCO Financial Services Pvt. Ltd. NBFC-MFI Assam
79 Valar Aditi Social Finance Pvt. Ltd. NBFC-MFI Tamil Nadu
80 Vanchinad Finance Pvt. Ltd. NBFC Kerala
81 Virutcham Microfinance Ltd. NBFC-MFI Tamil Nadu
82 Vision Micro Credit & Social Foundation Sec. 8 Com Tamil Nadu
83 Vivardhana Microfinance Ltd. NBFC-MFI Tamil Nadu
84 WeGrow Financial Services Pvt. Ltd. NBFC West Bengal
85 Welfare Organisation for Multipurpose mass Society Tamil Nadu
Awareness Network (WOMAN)
86 Wesghats Microfinance Ltd. NBFC-MFI Tamil Nadu
87 YVU Financial Services Pvt. Ltd. NBFC-MFI Manipur

(ii) List of Medium MFIs (GLP between >₹100 Cr and <₹500 Cr)

S.No Name of the MFI Legal Form State/UT

1 Ambition Services Pvt. Ltd. NBFC Delhi
2 Annapurna Mahila Coop Credit Society Ltd. MACS or Cooperative Maharashtra
3 Arth MicroFinance Pvt. Ltd. NBFC-MFI Rajasthan
4 BWDA Finance Ltd. NBFC-MFI Tamil Nadu
5 GU Financial Services Pvt. Ltd. NBFC-MFI Odisha
6 IDF Financial Services Pvt. Ltd. NBFC-MFI Karnataka
7 Jagaran Microfin Pvt. Ltd. NBFC-MFI West Bengal
8 Magalir Micro Capital Pvt. Ltd. NBFC-MFI Tamil Nadu
9 Mahasemam Trust Tamil Nadu
10 Mitrata Inclusive Financial Services Pvt. Ltd. NBFC-MFI Haryana
11 PAFT Finance Ltd. NBFC Tamil Nadu
12 Prayatna Microfinance Ltd. NBFC-MFI Delhi
13 Rashtriya Seva Samithi (RASS) Society Andhra
Pradesh
14 Saija Finance Pvt. Ltd. NBFC-MFI Delhi
15 Samhita Community Development Services Sec. 8 Com Madhya
Pradesh
16 Sanghamithra Rural Financial Services Sec. 8 Com Karnataka
17 Sarala Development and Microfinance Pvt. Ltd. NBFC-MFI West Bengal

42
S.No Name of the MFI Legal Form State/UT
18 Shikhar Microfinance Pvt. Ltd. NBFC-MFI Delhi
19 Shri Mahila Sewa Sahakari Bank Ltd. MACS or Cooperative Gujarat
20 Svamaan Financial Services Pvt. Ltd. NBFC-MFI Maharashtra
21 Unnati Microfin Pvt. Ltd. NBFC-MFI Maharashtra
22 Uttrayan Financial Services Pvt. Ltd. NBFC-MFI West Bengal
23 Vector Finance Pvt. Ltd. NBFC-MFI Odisha

(iii) List of Large MFIs (GLP between >₹500 Cr and <₹2,000 Cr)

S.No Name of the MFI Legal Form State/UT

1 ASA International India Microfinance Ltd. NBFC-MFI West Bengal
2 Digamber Capfin Ltd. NBFC-MFI Rajasthan
3 Midland Microfin Ltd. NBFC-MFI Punjab
4 NABFINS Ltd. NBFC-MFI Karnataka
5 Navachetana Microfin Services Pvt. Ltd. NBFC-MFI Karnataka
6 Pahal Finance Services Pvt. Ltd. NBFC-MFI Gujarat
7 REPCO Microfinance Ltd. NBFC-MFI Tamil Nadu
8 Save Microfinance Pvt. Ltd. NBFC-MFI Bihar
9 Share Microfin Ltd. NBFC-MFI Telangana
10 Sonata Finance Pvt. Ltd. NBFC-MFI Uttar Pradesh
11 SV Creditline Ltd. (SVCL) NBFC-MFI Haryana
12 Svasti Microfinance Pvt. Ltd. NBFC-MFI Maharashtra
13 Taraashna Financial Services Ltd. NBFC Haryana
14 Vedika Credit Capital Ltd. NBFC-MFI Jharkhand
15 VFS Capital Ltd. NBFC-MFI West Bengal

(iv) List of Very Large MFIs (GLP >₹2,000 Cr)

S.No Name of the MFI Legal Form State/UT

1 Annapurna Finance Pvt. Ltd. NBFC-MFI Odisha
2 Asirvad Microfinance Ltd. NBFC-MFI Tamil Nadu
3 Belstar Microfinance Ltd. NBFC-MFI Tamil Nadu
4 Cashpor Micro Credit Sec. 8 Com Uttar Pradesh
5 IIFL Samasta Finance Ltd. NBFC-MFI Karnataka
6 Muthoot Microfin Ltd. NBFC-MFI Maharashtra
7 New Opportunity Consultancy Pvt. Ltd. (NOCPL) NBFC Maharashtra
8 Satin Creditcare Network Ltd. (SCNL) NBFC-MFI Haryana
9 Satya MicroCapital Ltd. NBFC-MFI Delhi
10 Spandana Sphoorty Financial Ltd. NBFC-MFI Telangana
11 Sri Kshetra Dharmasthala Rural Development Trust Karnataka
Project (SKDRDP)
12 Svatantra Microfin Pvt. Ltd. NBFC-MFI Maharashtra

43