Microfinance loans grow 11% to Rs 71,916 crore in Q2 FY23: Report

Microfinance loans in the country grew by nearly 11 per cent to Rs 71,916 crore during the second quarter of the current fiscal, industry data showed.

Microfinance loans worth Rs 64,899 crore were disbursed during the same period a year ago.

In terms of volume, a total of 1.81 crore loans were disbursed during Q2 FY2022-23, as against 1.85 crore loans in Q2 FY2021-22, as per the latest report by Microfinance Institutions Network (MFIN).

According to the MFIN Micrometer Q2 FY2022-23 report, the country's microfinance loan portfolio stood at over Rs 3 lakh crore at end-September 2022, serving 6.2 crore unique borrowers with 12 crore loan accounts.

"The overall microfinance industry currently has a total gross loan portfolio (GLP) of Rs 3,00,974 crore as on September 30, 2022... an increase of 23.5 per cent year-on-year over Rs 2,43,737 crore as on September 30, 2021," the report said.

Of the total micro loans outstanding, the largest share of 37.7 per cent is held by 13 banks, amoun