QMR

QUARTERLY
MIRCOFINANCE
REPORT

October 2023 – December 2023

 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
I am happy to present the 33rd issue of QMR which has been regularly brought out every quarter
since 2015. Sa-Dhan Quarterly Microfinance Report (QMR) is an extension of Bharat Microfinance
Report, published annually. To provide quarter-wise updates, QMR was introduced and it provides
microfinance data. It is an analysis and presentation for the benefit of our various stakeholders who
are interested about the microfinance industry.

The QMR has been divided into two broad sections – The first section provides an overall position
of the microfinance sector, 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 251
lenders (NBFC-MFIs: 90, Banks: 14, Small Finance Banks (SFBs): 9, NBFCs: 91, and Non-Profit MFIs:
47). The second section is based on analysing self-reported data of 144 MFIs is presented. This
includes a comparative analysis with the corresponding quarter of the previous year (Q3 FY 22-23)
and the previous quarter (Q2 FY 23-24). The list of contributing MFIs is given in Annexure III

We are thankful to all the MFIs and other institutions who have contributed data for this edition of
the QMR. We request all the MFIs and micro-lending institutions, who have not provided the data
to provide the same on time to make it a complete sectoral review which is being referred by several
stakeholders.

We look forward to your suggestions, if any, for improvement of the report for better user benefit.
I appreciate my colleagues Mr. Ardhendu Nandi and Mr. Sunny Koshy who have taken pains to
compile this report.

With Best compliments.

Jiji Mammen
CEO & ED, Sa-Dhan
March 2024
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:..................................................... 4
1.2 Geographical Spread of Microfinance:................................................................................................. 4
1.3 Number of Loans Accounts: ..................................................................................................................... 6
1.4. Loan Outstanding: ..................................................................................................................................... 7
1.5 Portfolio Quality ......................................................................................................................................... 11
1.6 Disbursement .............................................................................................................................................. 15
1.7 Borrower Leverage: .................................................................................................................................. 17
Section II ........................................................................................................................................................................ 19
Performance Highlights of MFIs .................................................................................................................. 19
1. Geographical Spread of Microfinance................................................................................................ 21
2. Branch Network: ....................................................................................................................................... 21
3. Client Outreach .......................................................................................................................................... 22
4. Leading MFIs in Client Outreach ......................................................................................................... 22
5. Rural-Urban Share of Microfinance Borrowers: ............................................................................ 23
6. Own Portfolio ............................................................................................................................................. 23
7. Managed Portfolio: ................................................................................................................................... 24
8. Business Correspondent (BC) Portfolio: ........................................................................................... 24
9. Gross Loan Portfolio................................................................................................................................. 26
10. Loan Outstanding Per Borrower: .................................................................................................... 26
11. Workforce and Productivity: ............................................................................................................. 27
12. Portfolio at Risk ......................................................................................................................................... 31
13. Loan Disbursement by Quarter ........................................................................................................ 32
14. Financial Performance: ....................................................................................................................... 33
15. Cost (Operational & Financial) and Interest Rate (charged to clients) ............................ 34
16. Profitability Ratios: .............................................................................................................................. 35
17. Funding: ........................................................................................................................................................ 36
18. Annexures: ................................................................................................................................................... 39
 Section I
Microfinance Industry
Performance Highlights of the Microfinance Industry

Indicators Type of lenders As of Dec’ 2023 As of Dec’ 2022 Growth (%)

No. of Value Market No. of Value Market Y-o-Y

reported Share reported Share Dec 23 over Dec
lenders (%) lenders (%) 22
(%)
No. of Loan NBFC-MFIs 90 571.04 40.55% 84 500.07 38.77% 14.19%
Accounts
Banks 14 478.05 33.95% 13 481.10 37.30% -0.63%
(in lakhs)
SFBs 9 230.48 16.37% 9 197.98 15.35% 16.42%
NBFCs 91 124.80 8.86% 80 95.26 7.39% 31.01%
Non-Profit MFIs 47 3.84 0.27% 46 15.40 1.19% -75.09%
Total Industry 251 1,408 232 1,290 9.18%
Loan NBFC-MFIs 90 1,55,461 39.54% 84 1,24,689 38.48% 24.68%
Outstanding Banks 14 1,25,589 31.94% 13 1,15,698 35.71% 8.55%
(₹ in crores)
SFBs 9 69,591 17.70% 9 52,797 16.29% 31.81%
NBFCs 91 41,822 10.64% 80 27,338 8.44% 52.98%
Non-Profit MFIs 47 702 0.18% 46 3,495 1.08% -79.91%
Total Industry 251 3,93,165 232 3,24,017 21.34%
Oct’23 to Dec’23 Oct’22 to Dec’22 Y-o-Y
(During Q3 FY 23-24) (During Q3 FY 22-23) Dec 23 over Dec
22 (%)
No. of Loans NBFC-MFIs 70 83.80 41.71% 70 80.15 40.58% 4.55%
Disbursed Banks 12 70.36 35.02% 12 71.80 36.35% -2.01%
(in lakhs)
SFBs 8 28.21 14.04% 8 27.86 14.10% 1.28%
NBFCs 46 18.22 9.07% 44 16.46 8.33% 10.71%
Non-Profit MFIs 14 0.31 0.15% 16 1.24 0.63% -74.96%
Total Industry 150 201 150 198 1.71%
Amount NBFC-MFIs 70 37,926 39.20% 70 33,071 40.57% 14.68%
Disbursed Banks 12 34,865 36.03% 12 27,388 33.60% 27.30%
(₹ in crores)
SFBs 8 13,929 14.40% 8 13,388 16.43% 4.04%
NBFCs 46 9,920 10.25% 44 7,523 9.23% 31.86%
Non-Profit MFIs 14 115 0.12% 16 139 0.17% -17.22%
Total Industry 150 96,754 150 81,509 18.70%
As of Dec’ 2023 As of Dec’ 2022
30+ 60+ 90+ 180+ 30+ 60+ 90+ 180+
Delinquency NBFC-MFIs 1.88% 1.34% 0.93% 5.43% 2.18% 1.68% 1.06% 8.31%
% by value Banks 2.54% 1.84% 1.15% 9.96% 5.70% 4.31% 3.11% 17.09%
SFBs 3.12% 2.38% 1.35% 9.87% 3.22% 2.45% 1.46% 11.21%
NBFCs 1.29% 0.94% 0.61% 4.03% 1.22% 0.84% 0.53% 3.05%
Non-Profit MFIs 3.26% 1.76% 1.09% 33.64% 1.59% 1.01% 0.71% 9.79%

Industry 2.24% 1.63% 1.04% 7.56% 3.43% 2.60% 1.76% 11.49%

Data source: Equifax
Note: the significant drop in the portfolio of NFPs as the portfolio of Cashpor and Sanghamithra has been
shifted under the NBFC-MFI category.

1
 Synopsis
Loan Portfolio:

➢ As of Dec 31, 2023, the combined microcredit portfolio of all microlenders is ₹3,93,165 Cr,
registered a Y-o-Y growth of 21.34%.

➢ Among the microlenders, NBFC-MFIs continue to lead with ₹1,55,461 Cr, holding a market
share of 39.54%, followed by Banks with ₹1,25,589 Cr, holding a market share of 31.94%.

No. of Loan Accounts:

➢ As of Dec 31, 2023, the number of Loan Accounts served by microlenders is at 1,408 lakhs,
registered a Y-o-Y growth of 9.18%.

➢ Among the microlenders, NBFC-MFIs continue to lead with 571.04 lakhs, holding a market
share of 40.55%, followed by Banks with 478.05 lakhs, holding a market share of 33.95%.

Disbursement:

➢ Amount disbursed during Q3 (Oct’23 – Dec’23) through 201 lakh loans is at ₹96,754 Cr,
posting a Y-o-Y growth of 18.70%.

➢ Among the microlenders, NBFC-MFIs are leading with ₹37,926 Cr, holding a market share
of 39.20%, followed by Banks with ₹34,865 Cr, holding a market share of 36.03%.

➢ NBFCs have registered the highest growth in disbursement (32%), followed by Banks
(27%), NBFC-MFIs (15%), SFBs (4%) respectively, while Non-Profit MFIs have registered a
negative growth of (-17%).

Average Ticket Size (ATS):

➢ The Average Ticket Size of the sector is ₹48,160 in the third quarter whereas it was ₹41,267
the same quarter of last year. Among the microlenders, NBFCs are leading with maximum
ATS at ₹54,442, followed by Banks at ₹49,552 and SFBs at ₹49,370 respectively.

➢ In the Y-o-Y comparison, ATS has increased for all microlenders, there is a significant increase
in ATS for Banks (30%), followed by NBFCs (19%), NBFC-MFIs (10%), NFPs (5%) and SFBs
(3%) respectively.

Portfolio Quality:

➢ There has been improvement in the portfolio quality in the microfinance sector during FY 23-
24 and also under all buckets compared to the corresponding quarter of the previous financial
year.

➢ Among the microlenders, NFPs (3.26%), SFBs (3.12%), and Banks (2.54%) have PAR 30+
dpd higher than the industry average PAR 30+ dpd of 2.24%, while NBFCs have the lowest
PAR 30+ dpd at 1.29% followed by NBFC-MFIs at 1.88%.

Ϯ

Top States and Districts in terms of Portfolio:

➢ The top 5 states in terms of portfolio are Bihar, Tamil Nadu, Uttar Pradesh, Karnataka and
West Bengal, these top 5 states account for approximately 57% of the total portfolio of the
industry.

➢ The top 5 states having the highest Y-o-Y growth in portfolio are Arunachal at 82%, followed
by Andhra Pradesh at 80% each, Uttar Pradesh at 38%, Telangana at 36% and Bihar at 35%.

➢ The major states in terms of the portfolio that have recorded Y-o-Y growth higher than the
industry growth rate (21%) are Uttar Pradesh at 38%, followed by Bihar (35%), Karnataka
(30%) and Tamil Nadu (25%).

➢ The top 10 districts in terms of portfolio are Murshidabad (₹4,023 Cr.), East Champaran
(₹3,855 Cr.), Samastipur (₹3,816 Cr.), Muzaffarpur (₹3,782 Cr.), Mysuru (₹3,573Cr.), North
24 Parganas (₹3,454 Cr.), Madhubani (₹3,256 Cr.), Darbhanga (₹3,051 Cr.), Cuddalore
(₹2,922 Cr.) and Belagavi (₹2,786 Cr.) respectively.

➢ 5 districts out of the top 10 districts are from Bihar, while 2 districts each are from Karnataka
and West Bengal and 1 district from Tamil Nadu.

➢ In Q3 of FY 23-24 compared to the same quarter of FY 22-23, Murshidabad has jumped to

the first position from the second position while North 24 Parganas has dropped to sixth from
the first position, Nadia and South 24 Parganas of West Bengal have slipped out of the top ten
districts. Also, Madhubani has overtaken Cuddalore to become the seventh-largest district in
terms of portfolio.

Geographical Spread:

➢ Microfinance operations in India are spread across 730 districts of 36 States and Union
Territories.

Data source: Equifax

Note: The data is sourced from the Credit Information Company viz. Equifax. Due to data discrepancy for Q2 (July’23
– Sept’23), Q-o-Q growth analysis is not included in this report.

3
1.1 Peer Group-wise Number of Lenders in Microfinance Space:

Figure 1: Peer Group-wise Number of Lenders in Operations

300 16.0%
13.8%
251 14.0%
250 232
12.0%
200
8% 10.0%
7.7%
150 7.1% 8.0%

90 84 91 6.0%
100 80 2.2%
47 46 4.0%
50
14 13 2.0%
9 9
0 0.0%
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Total
31-Dec-23 31-Dec-22 Growth

As of 31 Dec 2023, a total of 251 lenders from 5 different peer groups are in operations in the
microfinance space, there is an increase of 19 microlenders from the same quarter of the last
financial year (Oct’22- Dec’22).

Among the Peer Groups, the number of reported NBFC-MFIs, Banks, NBFCs and Non-Profit MFIs
have increased in Dec’23 from Dec’22, whereas for SFBs it has remained unchanged.

1.2 Geographical Spread of Microfinance:

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

800 730
715 719 722 727
704 698 704
700 668
628
600

500 460
381
400

300

200

100

0
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Total

31-Dec-23 31-Dec-22

As of 31 Dec 2023, microfinance operations are spread across 730 districts of 36 States and Union
Territories. Banks are leading with 719 districts, followed by NBFC-MFIs with 715 districts, SFBs
with 698 districts, NBFCs with 668 districts and Non-Profit MFIs operating in 381 districts
respectively.

4
Figure 3: Top 10 States in terms of concentration of Lenders

No. of Lenders

Maharashtra 151

Uttar Pradesh 149

Rajasthan, Madhya Pradesh 133

Bihar 129

West Bengal 118

Tamil Nadu 115

Karnataka 113

Haryana 110

Odisha 108

Gujarat 105

0 20 40 60 80 100 120 140 160

The top 10 States in terms of the concentration of microcredit lenders are mapped in Figure 3.
Maharashtra is leading with 151 lenders, followed by Uttar Pradesh with 149 lenders.

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

No. of Lenders

Mumbai Suburban (MH) 105

Thane (MH), Pune (MH) 100

Ballia (UP) 99

Jaunpur (UP), Jaipur (RJ) 96

Prayagraj (UP), Gorakhpur (UP) 95

Azamgarh (UP), Bhopal (MP) 94

Nashik (MH), Varanasi (UP) 93

Indore (MP), Ghazipur (UP), Ghaziabad (UP) 91

Vaishali (BR), Muzaffarpur (BR), Mumbai (MH) 90

Samastipur (BR) 89

80 90 100 110

The top 10 districts in terms of the concentration of microcredit lenders are mapped in Figure 4.
Mumbai Suburban is leading with 105 lenders, followed by Pune and Thane with 100 lenders each
respectively.

5
1.3 Number of Loans Accounts:
Table 1: Market Share in Number of Loans Accounts

Lender Type Q3 FY23- Q3 FY22-

24 23
NBFC-MFIs 40.55% 38.77%
Banks 33.95% 37.30%
SFBs 16.37% 15.35%
NBFCs 8.86% 7.39%
Non-Profit MFIs 0.27% 1.19%

Out of the total number of loan accounts, NBFC-MFIs are leading with 41% followed by Banks with
34%, SFBs with 16%, NBFCs, and Non-Profit MFIs have a share of 9%, and 0.27% respectively.

In Y-o-Y comparison, it is observed that the NBFC-MFIs, SFBs and NBFCs have experienced an
upward trend, whereas the Banks and Non-Profit MFIs have experienced a downward trend.

Figure 5: Number of Loan Accounts (in lakhs) across lenders

31.0%
1600 40.0%
16.4% 1,408 9.2%
1400 14.2% 1,290 20.0%
No. Loan Accounts (in lakhs)

-0.6%
1200
0.0%
1000
-20.0%
800
571.04 -40.0%
600 500.07 478.05 481.1
-75.1% -60.0%
400
230.48 197.98
200 124.8 -80.0%
95.26
3.84 15.4
0 -100.0%
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Industry
31-Dec-23 31-Dec-22 Growth

The number of loan accounts for the microfinance industry increased to 1,408 lakhs in Q3 of FY 23-
24 from 1,290 lakhs in same quarter of FY 22-23, posting Y-o-Y growth of 9%, while lender-wise,
the NBFCs have registered highest Y-o-Y growth (31%), followed by SFBs (16%), NBFC-MFIs (14%),
while Banks (-1%) and NFPs (-75%) have registered negative Y-o-Y growth.

Table 2: Number of Loans Accounts (in lakhs) across States/UTs- (Decreasing Order)

S. No State/UT As on Dec As on Dec Y-o-Y

2023 2022 Growth
1 Bihar 204 166 23%
2 Tamil Nadu 177 170 4%
3 Uttar Pradesh 147 117 26%
4 Karnataka 129 117 10%
5 West Bengal 119 115 4%
6 Maharashtra 115 110 5%
7 Odisha 93 84 10%
6
 S. No State/UT As on Dec As on Dec Y-o-Y
2023 2022 Growth
8 Madhya Pradesh 88 83 6%
9 Rajasthan 65 61 6%
10 Kerala 46 47 -3%
11 Jharkhand 46 40 13%
12 Gujarat 44 38 15%
13 Chhattisgarh 26 25 3%
14 Punjab 24 25 -4%
15 Haryana 22 23 -5%
16 Assam 21 31 -31%
17 Andhra Pradesh 14 9 59%
18 Telangana 7 6 15%
19 Uttarakhand 6 6 2%
20 Tripura 6 7 -13%
21 Puducherry 3 3 6%
22 Delhi 2 2 3%
23 Others 1 1 -11%
24 Himachal Pradesh 1 1 9%
25 Goa 1 1 1%
26 Meghalaya 0.40 0.44 -8%
27 Manipur 0.39 0.49 -20%
28 Mizoram 0.38 0.32 17%
29 Jammu & Kashmir 0.27 0.22 24%
30 Sikkim 0.25 0.38 -33%
31 Arunachal Pradesh 0.23 0.13 75%
32 Chandigarh 0.17 0.18 -6%
33 Nagaland 0.14 0.17 -16%
34 Dadra & Nagar Haveli 0.10 0.10 4%
35 Andaman & Nicobar Islands 0.03 0.04 -20%
36 Lakshadweep 0.00 0.00 -50%
37 Ladakh 0.00 0.00 50%
Grand Total 1,408 1,290 9%

Number of Loan Accounts across various States and Union territories are mapped in Table 2.

1.4. Loan Outstanding:

Out of the total loan outstanding, NBFC-MFIs are leading with 40% market share, followed by Banks
with 32% market share. SFBs constitute 18% share and NBFCs account for a share of 11%. Non-
Profit MFIs have the least share at 0.18%.

Table 3: Market share in terms of Loan Outstanding

Lender Type Q3 FY23-24 Q3 FY22-23

NBFC-MFIs 39.54% 38.48%
Banks 31.94% 35.71%
SFBs 17.70% 16.29%
NBFCs 10.64% 8.44%
Non-Profit MFIs 0.18% 1.08%

7
Figure 6: Loan Outstanding (₹ in Cr) across lenders

53.0%
4,50,000 60.0%
31.8%
24.7% 3,93,165
4,00,000 8.5% 40.0%
21.3%
3,50,000 3,24,017 20.0%
3,00,000
Loan Portfolio (₹ in Cr)

0.0%
2,50,000
-20.0%
2,00,000
1,55,461 -40.0%
1,50,000 1,24,689 1,25,589
1,15,698
-60.0%
1,00,000
69,591 -79.9%
52,797
50,000 41,822 -80.0%
27,338
702 3,495
0 -100.0%
NBFC-MFIs Banks SFBs NBFCs Non-profit MFIs Industry
31-Dec-23 31-Dec-22 Growth

As of 31 Dec 2023, the combined microcredit portfolio outstanding of all microlenders stands at
₹3,93,165 crores, posted a YoY growth of 21.34%.

The portfolio of NBFC-MFIs has grown 24.68% Y-o-Y to ₹1,55,461 crores at the end of Dec 23,
which is 40% of the total microfinance sector, Banks engaged in microfinance have grown by 8.56%
Y-o-Y to ₹1,25,589 crores, accounting for 32% of the total market share.

Table 4: Loan Outstanding (₹ in Cr.) across States/UTs – (Decreasing Order)

S. No State/UT As on Dec As on Y-o-Y

2023 Dec 2022 Growth
1 Bihar 58,706 43,491 34.99%
2 Tamil Nadu 53,304 42,753 24.68%
3 Uttar Pradesh 40,770 29,649 37.51%
4 Karnataka 37,427 28,822 29.85%
5 West Bengal 35,431 32,856 7.84%
6 Maharashtra 29,810 25,813 15.48%
8 Odisha 23,415 18,951 23.55%
7 Madhya Pradesh 22,917 19,787 15.82%
9 Rajasthan 17,224 14,847 16.01%
10 Kerala 13,223 12,248 7.96%
11 Gujarat 12,228 9,383 30.32%
12 Jharkhand 11,976 9,574 25.09%
13 Chhattisgarh 6,605 5,570 18.58%
14 Haryana 5,983 5,786 3.41%
15 Punjab 5,869 5,897 -0.48%
16 Assam 5,585 8,404 -33.54%
17 Andhra Pradesh 4,138 2,305 79.55%
19 Telangana 2,161 1,584 36.43%
18 Tripura 1,902 2,221 -14.38%
20 Uttarakhand 1,806 1,696 6.52%
21 Puducherry 850 671 26.64%
22 Delhi 751 656 14.46%

8
 S. No State/UT As on Dec As on Y-o-Y
2023 Dec 2022 Growth
23 Himachal Pradesh 188 159 18.36%
24 Goa 164 143 15.16%
25 Mizoram 112 84 33.49%
26 Meghalaya 102 99 2.88%
27 Manipur 86 118 -27.10%
28 Jammu & Kashmir 84 71 18.05%
29 Sikkim 83 106 -22.09%
30 Others 67 97 -31.54%
31 Arunachal Pradesh 62 34 82.34%
32 Nagaland 45 56 -19.20%
33 Chandigarh 44 43 2.24%
34 Dadra & Nagar Haveli 33 31 6.49%
35 Andaman & Nicobar Islands 12 10 13.70%
36 Ladakh 0.01 0.01 97.26%
37 Lakshadweep 0.01 0.01 -57.25%
Grand Total 3,93,165 3,24,017 21.34%

The Loan outstanding across various states and union territories is mapped in Table 4.

Table 5: Lender-wise top 10 states in terms of Loan Outstanding (₹ in Cr)

NBFC-MFIs Banks SFBs

State Loan State Loan State Loan
Outstanding Outstanding Outstanding
(₹ in Cr) (₹ in Cr) (₹ in Cr)
Bihar 23,909 West Bengal 21,569 Tamil Nadu 12,100
Tamil Nadu 19,078 Bihar 18,953 Bihar 7,884
Uttar Pradesh 18,748 Uttar Pradesh 13,141 Uttar Pradesh 6,483
Karnataka 17,922 Tamil Nadu 11,676 Maharashtra 6,163
Maharashtra 12,252 Maharashtra 10,046 Karnataka 5,721
Madhya Pradesh 11,699 Karnataka 8,669 Kerala 5,361
Odisha 9,744 Odisha 8,217 Madhya Pradesh 4,108
West Bengal 8,336 Rajasthan 5,887 West Bengal 3,539
Rajasthan 7,393 Madhya Pradesh 5,488 Gujarat 3,399
Gujarat 4,916 Jharkhand 4,699 Odisha 3,194

NBFCs NFPs
State Loan State Loan
Outstanding Outstanding
(₹ in Cr) (₹ in Cr)
Tamil Nadu 10,327 Karnataka 173
Bihar 7,958 Tamil Nadu 123
Karnataka 4,942 Odisha 115
Uttar Pradesh 2,361 Maharashtra 109
Odisha 2,146 Kerala 49
West Bengal 1,949 West Bengal 38
Kerala 1,781 Uttar Pradesh 36
Madhya Pradesh 1,603 Gujarat 19
Rajasthan 1,602 Madhya Pradesh 18
Gujarat 1,405 Rajasthan 10

The top 5 states in terms of overall industry portfolio are Bihar, Tamil Nadu, Uttar Pradesh,
Karnataka and West Bengal, these top 5 states account for approximately 57% of the total portfolio
of the industry. The top 5 states having highest Y-o-Y growth in loan portfolio are Arunachal at 82%,
9
followed by Andhra Pradesh at 80% each, Uttar Pradesh at 38%, Telangana at 36% and Bihar at
35%. Whereas, the major states in terms of the portfolio that have recorded Y-o-Y growth higher
than the industry growth rate (21%) are Uttar Pradesh at 38%, followed by Bihar (35%), Karnataka
(30%) and Tamil Nadu (25%). The states experiencing negative Y-o-Y growth in portfolio are mainly
from the North Eastern region i.e., Assam (-34%), Manipur (-27%), Sikkim (-22%), Nagaland
(-19%) and Tripura (-14%) respectively.

Table 6: Lender-wise top 10 districts in terms of Portfolio Outstanding (₹ in Cr)

Microfinance Industry NBFC-MFIs NFPs
District Loan District Loan District Loan
Outstandin Outstanding Outstanding
g (₹ in Cr) (₹ in Cr) (₹ in Cr)
Murshidabad 4,023 East Champaran 1,740 Khordha 63
East Champaran 3,855 Mysuru 1,670 Kalaburagi 50
Samastipur 3,816 Muzaffarpur 1,535 Puri 26
Muzaffarpur 3,782 Madhubani 1,464 Idukki 23
Mysuru 3,573 Samastipur 1,409 Mysuru 21
North 24 3,454 Belagavi 1,306 Kolar 17
Parganas
Madhubani 3,256 Tumakuru 1,261 Mumbai 15
Suburban
Darbhanga 3,051 Darbhanga 1,192 Krishnagiri 15
Cuddalore 2,922 Sitamarhi 1,160 Thanjavur 14
Belagavi 2,786 West Champaran 1,073 Cuttack 14

Banks SFBs NBFCs

District Loan District Loan District Loan
Outstanding Outstanding Outstanding
(₹ in Cr) (₹ in Cr) (₹ in Cr)
Murshidabad 2,524 Bengaluru Urban 1,060 Darbhanga 760
North 24 2,352 Chennai 842 East 722
Parganas Champaran
South 24 1,774 Cuddalore 808 Samastipur 714
Parganas
Howrah 1,501 Thrissur 787 Madhubani 706
Nadia 1,462 Palakkad 769 Thanjavur 694
Samastipur 1,195 Thiruvananthapuram 730 Madurai 649
Muzaffarpur 1,172 Mysuru 683 Muzaffarpur 547
Hooghly 1,171 Alappuzha 674 Sitamarhi 532
Purba 1,031 Nagpur 605 Salem 517
Bardhaman
Vaishali 1,009 Thanjavur 559 Cuddalore 508

The top 10 districts in terms of the portfolio in the microfinance industry are Murshidabad (₹4,023
Cr.), East Champaran (₹3,855 Cr.), Samastipur (₹3,816 Cr.), Muzaffarpur (₹3,782 Cr.), Mysuru
(₹3,573 Cr.), North 24 Parganas (₹3,454 Cr.), Madhubani (₹3,256 Cr.), Darbhanga (₹3,051 Cr.),
Cuddalore (₹2,922 Cr.) and Belagavi (₹2,786 Cr.) respectively. 5 districts out of the top 10 districts
are from Bihar, while 2 districts each are from Karnataka and West Bengal and 1 district from Tamil
Nadu. In Q3 of FY 23-24 compared to the same quarter of FY 22-23, Murshidabad has jumped to
first position from the second position while North 24 Parganas has dropped to sixth from first
position, Nadia and South 24 Parganas of West Bengal have slipped out of the top ten districts. Also,
Madhubani has overtaken Cuddalore to become the seventh-largest district in terms of portfolio.

There has been a significant increase in the number of districts having a portfolio greater than
₹2,000 Cr. As on Dec’ 23, 30 districts have more than ₹2,000 Cr. portfolio each, out of this, 12

10
districts are from Bihar, West Bengal (6 districts), Tamil Nadu (5 districts), Karnataka (4 districts)
and 1 district each from Maharashtra, Odisha and Uttar Pradesh.

1.5 Portfolio Quality1:

The portfolio quality of the industry is depicted in Figure 7. Industry PAR 30+ DPD has improved to
2.24% from 3.43% in Dec’22, PAR 60+ DPD has improved to 1.63% from 2.60% in Dec’22, PAR
90+ has improved to 1.04% from 1.76% in Dec’22, and PAR 180+ has also improved to 7.56%
from 11.49% in Dec’22.

Figure 7: Portfolio Quality of the Microfinance Industry

14.00%

12.00% 11.49%

10.00%

8.00% 7.56%

6.00%
3.43%
4.00%
2.60%
1.76%
2.00% 2.24%
1.63% 1.04%
0.00%
PAR>30 PAR>60 PAR>90 PAR>180

Dec-23 Dec-22

Figure 8: Lender-wise Portfolio Quality

Dec-23 Dec-22
5.70%

4.31%

3.26%
3.22%
3.12%
3.11%
2.54%

2.45%
2.38%
2.18%
1.88%

1.84%

1.76%
1.68%

1.59%
1.46%
1.35%
1.34%

1.29%
1.22%
1.15%

1.09%
1.06%

1.01%
0.94%
0.93%

0.84%

0.71%
0.61%
0.53%

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

Among the lenders, PAR in all levels for NBFC-MFIs, Banks and SFBs have improved whereas PAR
in all levels for NBFCs and Not For Profit MFIs have deteriorated.

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 7 (a): State wise Delinquency – Industry, NBFC-MFIs and Banks

30+ Delinquency
(31 to 179 days)
Industry NBFC-MFIs Banks
S.No State/UT Q3_FY23 Q3_FY22 Q3_FY23 Q3_FY22 Q3_FY23 Q3_FY22
-24 -23 -24 -23 -24 -23
1 Andaman & Nicobar Islands 1.53% 1.95% 1.53% 1.80% 1.82% 9.65%
2 Andhra Pradesh 1.18% 1.19% 1.64% 1.64% 0.23% 0.25%
3 Arunachal Pradesh 0.10% 7.40% 0.09% 0.48% 0.14% 19.54%
4 Assam 0.85% 15.13% 0.73% 2.57% 0.61% 22.07%
5 Bihar 1.29% 1.87% 1.13% 1.52% 1.57% 2.65%
6 Chandigarh 3.64% 3.15% 5.22% 6.71% 5.85% 3.80%
7 Chhattisgarh 2.88% 4.19% 1.97% 3.30% 2.68% 5.89%
8 Dadra & Nagar Haveli 2.44% 4.87% 3.61% 1.88% 4.78% 12.83%
9 Delhi 3.77% 5.43% 1.66% 0.63% 8.04% 11.17%
10 Goa 0.41% 2.71% 0.39% 3.12% 0.47% 2.62%
11 Gujarat 3.01% 3.40% 2.58% 2.91% 5.09% 6.20%
12 Haryana 4.09% 3.35% 3.78% 3.16% 7.14% 5.02%
13 Himachal Pradesh 1.64% 1.25% 1.42% 1.07% 5.91% 2.96%
14 Jammu & Kashmir 3.22% 0.55% 2.57% 0.56% 25.20% 2.60%
15 Jharkhand 2.19% 2.10% 1.66% 1.24% 2.59% 3.05%
16 Karnataka 0.76% 1.31% 0.64% 0.83% 0.79% 1.84%
17 Kerala 5.14% 3.25% 2.48% 2.40% 5.01% 2.48%
18 Ladakh 0.00% 0.00% 0.00%
19 Lakshadweep 0.00% 0.00% 0.00%
20 Madhya Pradesh 3.52% 4.00% 3.04% 3.06% 3.43% 5.29%
21 Maharashtra 2.41% 3.14% 1.48% 1.93% 3.18% 4.14%
22 Manipur 41.27% 2.63% 2.42% 2.72% 66.37% 1.54%
23 Meghalaya 0.74% 6.30% 2.69% 3.76% 0.46% 6.86%
24 Mizoram 1.51% 4.01% 0.97% 13.41% 1.57% 2.23%
25 Nagaland 0.64% 10.43% 1.63% 2.54% 0.53% 10.43%
26 Odisha 2.09% 3.29% 1.92% 3.17% 2.16% 4.35%
27 Others 1.46% 4.91% 1.45% 1.56% 0.50% 3.65%
28 Puducherry 1.30% 4.52% 0.74% 2.29% 0.76% 10.15%
29 Punjab 10.58% 4.33% 13.01% 4.77% 13.58% 5.43%
30 Rajasthan 3.74% 3.99% 3.58% 3.62% 4.89% 5.49%
31 Sikkim 4.90% 13.13% 4.61% 6.16% 4.58% 12.79%
32 Tamil Nadu 1.87% 2.44% 1.52% 2.34% 1.79% 2.44%
33 Telangana 1.37% 1.37% 2.89% 3.90% 0.51% 0.69%
34 Tripura 2.27% 11.07% 1.33% 3.39% 2.76% 15.87%
35 Uttar Pradesh 2.32% 2.33% 1.74% 1.10% 3.14% 4.31%
36 Uttarakhand 2.49% 4.35% 1.57% 1.60% 2.81% 8.06%
37 West Bengal 1.61% 8.79% 1.72% 3.42% 1.69% 12.24%
Overall 2.24% 3.43% 1.88% 2.18% 2.54% 5.70%

12
Table 7 (b): State-wise Delinquency – SFBs, NBFCs and NFPs

30+ Delinquency
(31 to 179 days)
SFBs NBFCs NFPs
S.No State/UT Q3_FY23 Q3_FY22 Q3_FY23 Q3_FY22 Q3_FY23 Q3_FY22
-24 -23 -24 -23 -24 -23
1 Andaman & Nicobar Islands 0.00% 0.00% 0.00%
2 Andhra Pradesh 1.76% 1.25% 0.95% 1.67% 0.00% 0.00%
3 Arunachal Pradesh 7.99% 17.48% 0.88%
4 Assam 6.18% 10.06% 0.10% 1.09%
5 Bihar 1.91% 3.06% 0.50% 0.24% 88.57% 0.29%
6 Chandigarh 1.18% 1.15% 3.83% 4.40% 0.00%
7 Chhattisgarh 5.98% 6.05% 1.89% 1.63% 86.60% 1.07%
8 Dadra & Nagar Haveli 0.87% 0.87% 1.66% 0.51%
9 Delhi 1.75% 1.55% 6.12% 8.43% 0.00% 0.00%
10 Goa 0.15% 0.30% 1.08% 6.85%
11 Gujarat 2.46% 2.45% 2.22% 1.51% 7.26% 1.86%
12 Haryana 2.64% 2.14% 2.58% 2.70% 9.83% 40.90%
13 Himachal Pradesh 0.32% 0.31% 1.11% 1.53% 0.00%
14 Jammu & Kashmir 7.31% 5.43% 7.87% 0.14%
15 Jharkhand 2.67% 2.72% 2.06% 1.27% 0.00% 0.05%
16 Karnataka 1.27% 2.27% 0.60% 0.99% 0.46% 8.96%
17 Kerala 7.93% 4.61% 2.20% 2.43% 1.37% 0.27%
18 Ladakh 0.00%
19 Lakshadweep 0.00%
20 Madhya Pradesh 4.91% 4.60% 3.76% 4.87% 14.92% 2.03%
21 Maharashtra 3.07% 3.60% 2.34% 2.15% 6.24% 17.71%
22 Manipur 2.97% 32.31% 61.06% 0.00%
23 Meghalaya 0.11% 6.60% 0.00%
24 Mizoram 0.00% 45.94% 0.00%
25 Nagaland 3.52% 21.29% 0.00% 0.00%
26 Odisha 2.74% 2.02% 1.57% 1.15% 94.01% 0.00%
27 Others 4.29% 0.19% 2.12% 0.13% 0.00% 33.77%
28 Puducherry 2.56% 4.48% 0.42% 0.34% 1.29% 2.37%
29 Punjab 2.69% 1.11% 5.90% 3.36% 0.00% 38.70%
30 Rajasthan 2.98% 2.34% 1.65% 1.55% 13.42% 1.78%
31 Sikkim 7.92% 18.99%
32 Tamil Nadu 3.30% 3.90% 1.03% 0.81% 2.79% 8.54%
Telangana 100.00
33
1.02% 1.95% 2.45% 2.17% 0.00% %
34 Tripura 2.24% 2.79% 0.00% 2.77%
35 Uttar Pradesh 2.81% 2.23% 1.18% 1.28% 85.82% 0.41%
36 Uttarakhand 2.85% 1.20% 4.58% 5.29% 13.79%
37 West Bengal 1.47% 1.53% 0.61% 0.78% 1.51% 2.31%
Overall 3.12% 3.22% 1.29% 1.22% 3.26% 1.59%

13
Table 7 (c): State-wise Delinquencies under different buckets - Microfinance Industry

60 + DPD 90 + DPD 180 + DPD

S.No State/UT
(61 to 179 days) (91 to179 days) (180 days &
above)
1 Andaman & Nicobar Islands 0.72% 0.66% 4.49%
2 Andhra Pradesh 0.72% 0.44% 2.50%
3 Arunachal Pradesh 0.04% 0.01% 5.33%
4 Assam 0.71% 0.50% 39.94%
5 Bihar 0.92% 0.57% 3.39%
6 Chandigarh 2.73% 1.92% 13.19%
7 Chhattisgarh 2.25% 1.39% 10.07%
8 Dadra & Nagar Haveli 1.89% 1.27% 7.38%
9 Delhi 2.75% 1.85% 12.32%
10 Goa 0.24% 0.19% 6.06%
11 Gujarat 2.26% 1.57% 7.86%
12 Haryana 3.15% 2.20% 9.40%
13 Himachal Pradesh 1.16% 0.74% 4.88%
14 Jammu & Kashmir 1.79% 0.98% 1.38%
15 Jharkhand 1.58% 1.00% 5.63%
16 Karnataka 0.53% 0.34% 4.86%
17 Kerala 3.84% 2.22% 9.31%
18 Ladakh 0.00% 0.00% 0.00%
19 Lakshadweep 0.00% 0.00% 22.20%
20 Madhya Pradesh 2.61% 1.79% 10.10%
21 Maharashtra 1.82% 1.15% 10.27%
22 Manipur 35.38% 27.24% 49.22%
23 Meghalaya 0.49% 0.35% 15.85%
24 Mizoram 0.88% 0.44% 3.26%
25 Nagaland 0.42% 0.32% 17.83%
26 Odisha 1.56% 1.05% 9.58%
27 Others 1.10% 0.83% 46.41%
28 Puducherry 0.99% 0.59% 7.80%
29 Punjab 6.35% 3.25% 13.63%
30 Rajasthan 2.76% 1.82% 8.34%
31 Sikkim 3.12% 1.50% 8.92%
32 Tamil Nadu 1.35% 0.84% 5.91%
33 Telangana 0.94% 0.64% 2.30%
34 Tripura 1.76% 1.14% 7.84%
35 Uttar Pradesh 1.68% 1.08% 4.04%
36 Uttarakhand 1.85% 1.18% 6.21%
37 West Bengal 1.22% 0.79% 11.96%
Overall 1.63% 1.04% 7.56%

Tables 7 (a), 7 (b), and 7 (c) are depicting state-wise overall industry and lender-wise delinquency
percentages at 30+ DPD, and State-wise delinquencies under different buckets.

14
1.6 Disbursement
Figure 9: Lender-wise Number of Loans (in lakhs) disbursed

ϮϱϬ
ϮϬϭϭϵϴ During the Q3 FY 23-24,
ϮϬϬ Microfinance Industry
EŽ͘ŽĨ>ŽĂŶƐŝƐďƵƌƐĞĚ;ŝŶ>ĂŬŚͿ

disbursed 201 lakh loans.

ϭϱϬ Out of which, NBFC-MFIs
are leading with 84 lakh
ϭϬϬ ϴϰ loans, 42% of the total
ϴϬ ϳϬ ϳϮ
disbursement, followed
ϱϬ Ϯϴ Ϯϴ by Banks with 70 lakh
ϭϴ ϭϲ loans, 35% of the total
Ϭ͘ϯ ϭ͘Ϯ
Ϭ loan disbursement and
E&ͲD&/Ɛ ĂŶŬƐ ^&Ɛ E&Ɛ EŽŶͲƉƌŽĨŝƚ KǀĞƌĂůů NFPs have the least share
D&/Ɛ of 0.15% of total
ĞĐͲϮϯ ĞĐͲϮϮ disbursement.

In Y-o-Y comparison, the number of loans disbursed has increased during Oct–Dec 2023 by 1.71%
over the same quarter of the last financial year. The number of loans for all lender segments except
for Banks and NFPs have increased. The highest decline can be seen in NFPs followed by Banks.

Table 8: Market Share in terms of Loan Amount Disbursed

Lender Type Q3 FY23-24 Q3 FY22-23

NBFC-MFIs 39.20% 40.57%
Banks 36.03% 33.60%
SFBs 14.40% 16.43%
NBFCs 10.25% 9.23%
Non-Profit MFIs 0.12% 0.17%

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

ϭ͕ϮϬ͕ϬϬϬ

ϵϲ͕ϳϱϰ
Loan Amount disbursed (₹ in Cr.)

ϭ͕ϬϬ͕ϬϬϬ
ϴϭ͕ϱϬϵ
ϴϬ͕ϬϬϬ

ϲϬ͕ϬϬϬ

ϯϳ͕ϵϮϲ ϯϰ͕ϴϲϱ
ϰϬ͕ϬϬϬ ϯϯ͕Ϭϳϭ
Ϯϳ͕ϯϴϴ

ϮϬ͕ϬϬϬ ϭϯ͕ϵϮϵ ϭϯ͕ϯϴϴ ϵ͕ϵϮϬ ϳ͕ϱϮϯ

ϭϭϱ ϭϯϵ
Ϭ
E&ͲD&/Ɛ ĂŶŬƐ ^&Ɛ E&Ɛ EŽŶͲWƌŽĨŝƚD&/Ɛ KǀĞƌĂůů

ĞĐΖϮϯ ĞĐΖϮϮ

Total disbursement of all lenders during Q3 (Oct’23 - Dec’23) is ₹96,754 crores whereas it was
₹81,509 crores in the same quarter i.e., Q3 (Oct’22 - Dec’22) of last year. Among the lenders, NBFC-

ϭϱ

Total disbursement of all lenders during Q3 (Oct’23 - Dec’23) is ₹96,754 crores whereas it was
₹81,509 crores in the same quarter i.e., Q3 (Oct’22 - Dec’22) of last year. Among the lenders, NBFC-
MFIs disbursed a maximum of ₹37,926 crores, followed by Banks of ₹34,865 crores during Q3 FY
23-24.

Table 9 (a): State-wise Disbursement (₹ in Cr) - (Decreasing Order)

S. No State/UT As on As on Dec Y-o-Y

Dec 2023 2022 Growth
1 Bihar 15,906 12,797 24.29%
2 Tamil Nadu 12,518 10,524 18.96%
3 Uttar Pradesh 11,094 8,905 24.59%
4 West Bengal 9,526 6,802 40.04%
5 Karnataka 9,407 7,529 24.95%
6 Maharashtra 6,924 6,137 12.81%
7 Odisha 5,513 4,769 15.60%
8 Madhya Pradesh 5,287 4,956 6.68%
9 Rajasthan 3,732 3,706 0.71%
10 Jharkhand 3,051 2,726 11.91%
11 Gujarat 2,654 2,460 7.91%
12 Kerala 2,562 2,920 -12.28%
13 Chhattisgarh 1,530 1,450 5.48%
14 Andhra Pradesh 1,370 862 59.02%
15 Haryana 1,230 1,238 -0.62%
16 Assam 1,002 657 52.59%
17 Punjab 970 1,255 -22.68%
18 Telangana 833 435 91.49%
19 Tripura 585 435 34.50%
20 Uttarakhand 481 403 19.34%
21 Puducherry 192 144 32.74%
22 Delhi 152 172 -11.89%
23 Goa 46 30 53.12%
24 Himachal Pradesh 39 38 2.47%
25 Mizoram 31 29 7.11%
26 Meghalaya 26 20 30.81%
27 Sikkim 23 15 49.99%
28 Arunachal Pradesh 18 7 170.67%
29 Jammu & Kashmir 17 19 -11.67%
30 Nagaland 10 11 -7.79%
31 Chandigarh 8 9 -11.65%
32 Dadra & Nagar Haveli 8 8 -7.91%
Andaman & Nicobar 5 3 49.29%
33
Islands
34 Others 4 6 -33.18%
35 Manipur 1 33 -96.18%
36 Ladakh 0 0 -70.00%
Total 96,754 81,509 18.70%

The top 5 states in terms of disbursement during the third quarter of FY 23-24 are Bihar
(₹15,906 Cr.), Tamil Nadu (₹12,518 Cr.), Uttar Pradesh (₹11,094 Cr.), West Bengal (₹9,526 Cr.)
and Karnataka (₹9,407 Cr.) respectively. Also, these 5 States account for 60% of the total
disbursement during Q3 of FY 23-24, which is a 3% increase compared to the same quarter of FY
22-23.

16
Table 9 (b): State-wise & Lender-wise Disbursement (₹ in Cr) during Q3 FY 2023-24

Disbursement (₹ in Cr)
Type of Lenders
S. No State/UT NBFC-MFIs Banks SFBs NBFCs NFPs
1 Andaman & Nicobar Islands 4.64 0.08 0.00 0.00 0.00
2 Andhra Pradesh 393.06 405.10 185.59 386.73 0.00
3 Arunachal Pradesh 17.17 1.11 0.01 0.01 0.00
4 Assam 349.55 634.01 15.27 3.38 0.00
5 Bihar 6,160.73 5,959.70 1,913.77 1,871.93 0.00
6 Chandigarh 0.91 3.28 3.77 0.08 0.00
7 Chhattisgarh 729.66 444.73 224.51 130.60 0.00
8 Dadra & Nagar Haveli 0.63 2.82 3.30 1.07 0.00
9 Delhi 9.41 56.60 81.53 4.02 0.00
10 Goa 21.67 22.49 1.94 0.01 0.00
11 Gujarat 1,185.13 571.59 601.31 291.90 4.02
12 Haryana 465.74 286.16 324.19 153.79 0.20
13 Himachal Pradesh 24.13 3.37 5.70 5.73 0.00
14 Jammu & Kashmir 15.07 0.03 0.01 1.50 0.00
15 Jharkhand 1,191.09 1,320.28 418.43 120.87 0.00
16 Karnataka 4,263.83 2,565.10 1,272.37 1,259.49 46.03
17 Kerala 755.28 635.48 757.28 402.01 11.70
18 Ladakh 0.00 0.00 - - 0.00
19 Madhya Pradesh 2,743.20 1,428.15 769.84 344.07 1.59
20 Maharashtra 2,774.43 2,706.96 1,173.02 256.66 12.63
21 Manipur 0.89 0.19 0.04 0.12 0.00
22 Meghalaya 3.82 16.09 6.11 0.02 0.00
23 Mizoram 1.78 28.85 0.02 0.15 0.00
24 Nagaland 0.91 8.84 0.03 0.00 0.00
25 Odisha 2,223.53 2,115.53 680.88 492.14 0.69
26 Others 4.17 0.01 - 0.03 0.00
27 Puducherry 73.26 45.67 44.58 28.13 0.16
28 Punjab 460.53 255.51 129.25 124.99 0.00
29 Rajasthan 1,665.21 1,220.28 476.45 370.46 0.00
30 Sikkim 4.15 18.45 0.25 - 0.00
31 Tamil Nadu 4,569.36 3,320.92 2,177.75 2,418.34 32.01
32 Telangana 150.96 333.10 215.01 133.55 0.00
33 Tripura 169.91 359.63 55.66 0.26 0.00
34 Uttar Pradesh 5,081.62 3,773.17 1,609.60 630.05 0.02
35 Uttarakhand 176.87 204.74 73.70 25.53 0.00
36 West Bengal 2,233.60 6,116.72 708.20 461.98 5.88
Total 37,926 34,865 13,929 9,920 115

1.7 Borrower Leverage:

Average Ticket Size (ATS) for the industry in Q3 of FY 23-24 is ₹48,160 compared to ₹41,267 in Q3
of FY 22-23, registering 17% Y-o-Y growth, the ATS have increased across all microlenders.

17
Table 10: Lender-wise Average Ticket Size (in ₹)

Average Ticket Size (₹)

Lender Type Dec-23 Dec-22
NBFC-MFIs 45,260 41,261
Banks 49,552 38,143
SFBs 49,370 48,057
NBFCs 54,442 45,711
Non-Profit MFIs 36,928 35,281
Industry 48,160 41,267

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

ϲϬ͕ϬϬϬ ϱϰ͕ϰϰϮ
ϰϵ͕ϱϱϮ ϰϵ͕ϯϳϬ ϰϴ͕ϭϲϬ
ϱϬ͕ϬϬϬ ϰϱ͕ϮϲϬ ϰϴ͕Ϭϱϳ ϰϱ͕ϳϭϭ
ϰϭ͕Ϯϲϭ ϰϭ͕Ϯϲϳ
ϰϬ͕ϬϬϬ ϯϴ͕ϭϰϯ ϯϲ͕ϵϮϴϯϱ͕Ϯϴϭ
Average Ticket size (₹)

ϯϬ͕ϬϬϬ

ϮϬ͕ϬϬϬ

ϭϬ͕ϬϬϬ

Ϭ
E&ͲD&/Ɛ ĂŶŬƐ ^&Ɛ E&Ɛ EŽŶͲWƌŽĨŝƚD&/Ɛ /ŶĚƵƐƚƌLJ

ĞĐΖϮϯ ĞĐΖϮϮ

In the Y-o-Y comparison, ATS has increased for all microlenders, there is a significant increase in
ATS for Banks (30%), followed by NBFCs (19%), NBFC-MFIs (10%), NFPs (5%) and SFBs (3%)
respectively.

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

ŶĚĂŵĂŶΘEŝĐŽďĂƌ/ƐůĂŶĚƐ ϲϮ͕ϱϴϴ
EĂŐĂůĂŶĚ ϱϵ͕ϭϰϬ
ĂĚƌĂΘEĂŐĂƌ,ĂǀĞůŝ ϱϴ͕ϴϳϵ
^ŝŬŬŝŵ
Average Ticket Size (₹)

ϱϲ͕Ϯϴϯ
dƌŝƉƵƌĂ ϱϱ͕ϯϭϳ
DĂŶŝƉƵƌ ϱϱ͕ϭϮϰ
ĞůŚŝ ϱϰ͕ϵϱϲ
WŽŶĚŝĐŚĞƌƌLJ ϱϰ͕ϵϱϰ
dĂŵŝůEĂĚƵ ϱϰ͕ϰϵϭ
,ŝŵĂĐŚĂůWƌĂĚĞƐŚ ϱϯ͕ϮϰϬ

ϰϴ͕ϬϬϬ ϱϮ͕ϬϬϬ ϱϲ͕ϬϬϬ ϲϬ͕ϬϬϬ ϲϰ͕ϬϬϬ

Amongst all States/Union Territories, Andaman & Nicobar Islands is leading with ₹62,588, followed
by Nagaland at ₹59,140.

ϭϴ

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

Performance Highlights of MFIs

(Excluding Banks and SFBs)

S. Indicators As on 31 As on 30 As on 31 (Q-o-Q (Y-o-Y

No. Dec 2023 Sept 2023 Dec 2022 Growth) Growth)
(144 (144 (144
MFIs) MFIs) MFIs)
1 No. of Branches 19,953 19,811 17,911 0.72% 11.40%
2 No. of Staff (in lakhs) 1.69 1.62 1.49 4.32% 13.42%
3 No. of Field Officers 1.03 1.01 0.89 1.98% 15.73%
(in lakhs)
4 Client Outreach (in lakhs) 392 384 338 2.08% 15.98%
5 Net Loan Portfolio Outstanding 85,871 80,882 64,185 6.17% 33.79%
for the period (On–balance
sheet only) – (₹ in Cr.)
6 Managed/Securitized Portfolio 53,708 52,074 40,719 3.14% 31.90%
for the period (Off-balance
Sheet only) – (₹ in Cr.)
7 Out of Managed Portfolio, BC 39,117 37,713 28,013 3.72% 39.64%
Portfolio alone – (₹ in Cr.)
8 Gross Loan Portfolio 1,39,579 1,32,956 1,04,904 4.98% 33.05%
Outstanding for the period
(On–balance + Off-Balance
Sheet) – (₹ in Cr.)
9 Total Assets (₹ in Cr.) 1,09,788 1,04,485 87,048 5.08% 26.12%
10 Average Cost of Fund (in %) 11.53% 11.44% 11.00% 0.09% 0.53%
(Weighted Average value)
11 Average Operating Cost 6.95% 6.88% 7.37% 0.07% -0.42%
(in %)
(Weighted Average value)
12 Average Interest Rate (in %) 22.68% 22.64% 23.05% 0.04% -0.37%
(Weighted Average value)
This summary of analysis is based on the data collected from 144 MFIs.

Note: Asirvad Microfinance Ltd. is in the process of filing for IPO, so this time they have not shared data with Sa-Dhan and
hence have been excluded from the analysis.

19
 Synopsis
Source: Sa-Dhan Data of 144 MFIs (Excluding Banks and SFBs):

➢ As of 31st December 2023, the total client outreach of the sector is 392 lakhs, an increase of
2.08% over the previous quarter Q2. Total Gross Loan Portfolio is ₹1,39,579 Cr, posting a
growth of 4.98% over the previous quarter Q2.

➢ Total Gross Loan Portfolio is ₹1,39,579 Cr, posting a growth of 4.98% over the previous
quarter Q2.

➢ As of 31st December 2023, the Business Correspondent (BC) Portfolio stood at ₹39,117 Cr,
an increase of 3.72% over the previous quarter Q2.

➢ Out of 144 MFIs, 78 MFIs engage with Business Correspondent (BC) with various Banks and
Financial Institutions, out of which 35 MFIs BC Portfolio above 50% including 12 are
exclusive (i.e. 100%) BC engagement.

➢ The Gross Loan Portfolio (GLP) and the On-balance sheet (Own Portfolio) of 29 MFIs have
decreased in Q3 compared to the previous quarter Q2.

➢ Out of 144 MFIs, 14 MFIs have GLP >₹2,000 Cr, out of which 6 MFIs have GLP > ₹5,000 Cr
but < ₹10,000 Cr. and 3 MFIs have GLP>₹10,000 Cr.

➢ An amount of ₹34,118 Cr. has been disbursed through 66 lakh number of loans by 134 MFIs
during Q3 (Oct’23–Dec’23) whereas 134 MFIs disbursed ₹33,353 Cr. through 65 lakh number
of loans during Q2 (Jul’23–Sept’23).

➢ During Q3 (Oct’23–Dec’23), 56 MFIs (i.e.38%) have not received funds from any source.
Out of 56 MFIs, 44 are Small size MFIs, 8 are Medium size MFIs, 2 are Large size MFIs and
2 are Very Large size MFIs.

20
1. Geographical Spread of Microfinance

MFIs are currently serving 392 lakhs clients through 19,953 branch networks and an employee base
of 1.69 lakhs. Out of the total staff, 61% are field officers (i.e. 1.03 lakhs) who provide doorstep
credit to low-income clients served by the MFIs. There has been growth of 4.32% for total staff and
1.98% for field officers over the previous quarter (Q2). On a Y-o-Y comparison, both the total staff
base and loan officer have increased by 13.42% and 15.73% respectively.

2. Branch Network:

As of 31st December 2023, MFIs have increased their branches to 19,953 posting a growth of 0.72%
compared to Q2 FY23-24. On a Y-o-Y basis, the branch network has posted a growth of 11.40%. Out
of the total branches, Small MFIs (GLP<₹100 Cr.) have 1,156 branches, Medium MFIs (GLP between
₹100 Cr.-₹500 Cr.) have 2,155 branches, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) have 3,960
branches and Very Large MFIs (GLP>₹2,000 Cr.) have 12,682 branches.

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

25,000

19,953 19,811
20,000
Branch Network

15,000 12,682 12,274

10,000

5,000 3,960 4,203

1,221 2,155 2,113
1,156
-
Total <₹100 Cr. ₹100 Cr.-₹500 Cr. ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr.

Q3 FY 23-24 Q2 FY 23-24

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

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

No Branches
1 IIFL Samasta 1,572 Annapurna Finance 419
2 Spandana 1,484 IIFL Samasta 406
3 Muthoot Microfin 1,424 Spandana 403
4 Annapurna Finance 1,335 Satin 400
5 Satin 1,165 Muthoot Microfin 346
6 Belstar 1,009 Svatantra 333
7 Svatantra 966 Satya 320
8 Cashpor 781 Share Microfin 295
9 NOCPL 750 Belstar 275
10 Share Microfin 720 NOCPL 255

21
3. Client Outreach

The total number of clients served by MFIs stood at 392 lakhs as of 31st December 2023, there is
an increase of 2.08% over Q2 FY23-24. On a Y-o-Y basis, the number of clients has increased by
15.98%. Out of the total client base, Small MFIs (GLP<₹100 Cr.) having 10 lakh clients, Medium
MFIs (GLP between ₹100 Cr.-₹500 Cr.) having 25 lakh clients, Large MFIs (GLP between₹500 Cr.-
₹2,000 Cr.) having 58 lakh clients and Very Large (GLP>₹2,000 Cr.) having 299 lakh clients.

Figure 2: Client Outreach: Total and Category-wise break up

450
392 384
400
Client Outreach (in lakhs)

350
299 292
300
250
200
150
100 58 58
50 25 24
10 10
-
Total <₹100 Cr. ₹100 Cr.-₹500 Cr. ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr.

Q3 FY 23-24 Q2 FY 23-24

4. Leading MFIs in Client Outreach

Usually the NBFC-MFIs have a larger client base in contrast to other legal forms of MFIs, however
as an exception SKDRDP (Non NBFC-MFI) has the largest client outreach i.e. approximately 8% of
the total client outreach. Muthoot, Satin, IIFL Samasta, and Spandana are the other major players
in this aspect.

Figure 3: Top 10 MFIs in terms of Client Outreach as on Dec’23

No. of Clients (in lakhs) The top 10 MFIs

account for 66%
SKDRDP 33.07
of total client base
Muthoot 32.78
and the remaining
Satin 31.91 134 MFIs hold only
IIFL Samasta 28.61 34% of total
Spandana 28.02 clientele. SKDRDP
Belstar 26.69 alone holds 13%
Annapurna 26.00 of total clientele of
Svatantra 23.34 10 leading MFIs
Satya 16.59 and 8% of total
Cashpor 12.68 clientele.
- 5.00 10.00 15.00 20.00 25.00 30.00 35.00

Note: SKDRDP function through BC model only and the entire borrowers are on the books of banks they partner with.

22
5. Rural-Urban Share of Microfinance Borrowers:

Figure 4 indicates that client outreach in rural areas constitutes 74% whereas the share in urban
areas is 26%. Rural Clients for NBFC-MFIs are 75% of their total clientele whereas it is 54%, 53%
85%, and 77% for NBFCs, Pvt. Ltd. Coms, Sec. 8 Coms, and Other NGO-MFIs (Society, Trust, and
MACS/Co-operative) respectively of their total clientele. One of the key findings from our research
shows that small-size MFIs and Sec. 8 Coms are rural-centric.

Figure 4: Rural-Urban shares of MFI Borrowers

26%

74%

Rural Urban

6. Own Portfolio

Own portfolio is ₹85,871 crores which is 62% of the aggregated GLP. Own Portfolio has grown by
6.17% over Q2 FY23-24, while on a Y-o-Y basis, the Own Portfolio has grown by 33.79%. Small MFIs
(GLP<₹100 Cr.) hold ₹1,584 crores, Medium MFIs (GLP between ₹100 Cr.-₹500 Cr.) hold ₹3,906
crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) hold ₹11,716 crores and Very Large MFIs
(GLP>₹2,000 Cr.) hold ₹68,666 crores.

Figure 5: Own Portfolio: Total and Category-wise break up

1,00,000
90,000 85,871
80,882
80,000
Own Portfolio (₹ in Cr.)

68,666 65,094
70,000
60,000
50,000
40,000
30,000
20,000 11,716 10,846
1,584 3,906
10,000 1,461 3,482
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

23
7. Managed Portfolio:

Off-balance sheet portfolio is ₹53,708 crores which is 38% of the aggregated GLP. Managed Portfolio
(off-balance sheet portfolio) has grown by 3.14% over Q2 FY23-24. On a Y-o-Y basis, Managed
Portfolio has grown by 31.90%. Small MFIs (GLP<₹100 Cr.) hold ₹718 crores, Medium MFIs (GLP
between ₹100 Cr.-₹500 Cr.) hold ₹3,622 crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.)
hold ₹5,380 crores and Very Large MFIs (GLP>₹2,000 Cr.) hold ₹43,989 crores. Within the off-
balance sheet portfolio, the share of portfolio created under Business Correspondent (BC) is 73% of
the Managed Portfolio, amounting to ₹39,117 crores.

Figure 6: Managed Portfolio: Total and Category-wise break up

60,000
53,708 52,074
Managed Portfolio (₹ in Cr.)

50,000
43,989 42,262

40,000

30,000

20,000

5,965
10,000 3,160 5,380
3,622
718 687
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr. Cr.

Q3 FY 23-24 Q2 FY 23-24

8. Business Correspondent (BC) Portfolio:

The total BC portfolio of 78 MFIs together constitutes ₹39,117 crores, 73% of the Off-balance sheet
portfolio. BC Portfolio has grown by 3.72% over Q2 (Jul’23–Sept’23). On a Y-o-Y basis, BC Portfolio
has grown by 39.64% compared to the third quarter of the previous financial year FY22-23. Small
MFIs (GLP<₹100 Cr.) hold ₹716 crores, Medium MFIs (GLP between ₹100 Cr.-₹500 Cr.) hold ₹3,437
crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) hold ₹3,902 crores and Very Large MFIs
(GLP>₹2,000 Cr.) hold ₹31,062 crores.

Figure 7: Business Correspondent (BC) Portfolio - Total and Category-wise break up

45,000
39,117 37,713
40,000
BC Portfolio (₹ in Cr.)

35,000 31,062 29,712

30,000
25,000
20,000
15,000
10,000 4,421
3,437 2,903 3,902
5,000 716 678
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr. Cr.

Q3 FY 23-24 Q2 FY 23-24

24
Table 2: Name of MFIs with BC Portfolio above 50% of its Total Portfolio

S. Name of the MFI % of BC

No. Portfolio
1 Ambition Services Pvt. Ltd. 100%
2 Citta Plus Consultancy Pvt. Ltd. 100%
3 Fingel Management Services Pvt. Ltd. 100%
4 Finsigma Inclusive Services Pvt. Ltd. 100%
5 New Opportunity Consultancy Pvt. Ltd. (NOCPL) 100%
6 PAFT Inclusive Financial Services Pvt. Ltd. 100%
7 Pragati Finserv Pvt. Ltd. 100%
8 Samparna Business Correspondence Pvt. Ltd. 100%
9 Sampurna Financial Services Pvt. Ltd. 100%
10 Shikhar Microfinance Pvt. Ltd. 100%
11 Sri Kshetra Dharmasthala Rural Development Project (SKDRDP) 100%
12 Gramalaya Microfin Foundation (GMF) 100%
13 Samhita Community Development Services 99%
14 Aparajita Mahila Sangh 98%
15 South India Finvest Pvt. Ltd. 96%
16 Vector Finance Pvt. Ltd. 95%
17 Disha India Micro Credit (DIMC) 95%
18 Dhosa Chandaneswar Bratyajana Samity (DCBS) 94%
19 GU Financial Services Pvt. Ltd. 84%
20 ASA International India Microfinance Ltd. 81%
21 Prayas Financial Services Pvt. Ltd. 80%
22 PAFT Finance Ltd. 80%
23 Jigyasa Livelihood Promotions Micro Finance Company 73%
24 Shakti Mahila Sangh Bahu-Uddeshiya Sahkari Samiti 69%
25 BWDA Finance Ltd. 68%
26 Sushravya Upliftment Foundation 66%
27 Arth MicroFinance Pvt. Ltd. 66%
28 SV Creditline Ltd. (SVCL) 64%
29 WeGrow Financial Services Pvt. Ltd. 63%
30 Unnatti Finserv Pvt. Ltd. 61%
31 YVU Financial Services Pvt. Ltd. 59%
32 Share Microfin Ltd. 57%
33 Grameen Shakti Microfinance Services Pvt. Ltd. 54%
34 Center for Development Orientation & Training (CDOT) 53%
35 Humana Financial Services Pvt. Ltd. 52%

Out of 144 reported MFIs, 78 MFIs are engaged in BC arrangements with various Banks/FIs. Out of
the 78 MFIs, 35 MFIs have BC portfolio greater than 50% of its total portfolio, of which 12 MFIs
have 100% BC portfolio while the remaining 23 MFIs have their BC portfolio above 50% but below
100% of their total portfolio.

25
9. Gross Loan Portfolio
As of 31st December 2023, the aggregate Gross Loan Portfolio (GLP) of MFIs stood at ₹1,39,579
crores, there is a growth of 4.98% over Q2 FY23-24. On a Y-o-Y basis, GLP has increased by 33.05%.
Out of total GLP, Small MFIs (GLP<₹100 Cr.) hold ₹2,302 crores, Medium MFIs (GLP between ₹100
Cr.-₹500 Cr.) hold ₹7,527 crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) hold ₹17,095
crores and Very Large MFIs (GLP>₹2,000 Cr.) hold ₹1,12,655 crores.

Figure 8: Gross Loan Portfolio: Total and Category-wise break up

1,60,000
1,39,579 1,32,956
1,40,000
Gross Loan Portfolio (₹ in Cr.)

1,07,356
1,20,000 1,12,655

1,00,000

80,000

60,000

40,000
16,811
17,095
20,000 2,147 7,527 6,642
2,302
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr. Cr.

Q3 FY 23-24 Q2 FY 23-24

Figure 9: Top 10 MFIs in terms of Gross Loan Portfolio as of Dec’ 23

Top 10 MFIs GLP (₹ in Cr.) The top 10 MFIs

account for 73%
SKDRDP 21,997 of total GLP
IIFL Samasta 13,076 whereas the
Muthoot 11,458 remaining 134
Satin 9,811 MFIs account for
Spandana 9,763 only 27% of total
Annapurna Finance 9,539 GLP. SKDRDP
Belstar 8,834 alone holds 22%
Svatantra 7,453 of the GLP of 10
Satya 5,461 leading MFIs and
Cashpor 4,731 16% of total GLP.
- 5,000 10,000 15,000 20,000 25,000

Note: SKDRDP’s entire Loan Portfolio is under BC model and sits on the books of the banks.

10. 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 ₹35,563 in Q3 whereas it was
₹34,653 in Q2. As can be seen in Figure 10. Very Large MFIs (GLP > ₹2,000 Cr.) have the highest
26
loan outstanding per borrower at ₹37,665 whereas the Small MFIs with (GLP < ₹100 Cr.) have the
lowest at ₹22,709.

Figure 10: Loan Outstanding per Borrower across Size

40,000 37,665 36,779

35,563 34,653

Loan Outstanding per Borrower (in ₹)

35,000 28,010 28,874
29,874 29,448
30,000
21,786
25,000 22,709

20,000

15,000

10,000

5,000

-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

11. Workforce and Productivity:

11.1 Workforce in MFIs

As of 31st December 2023, MFIs employed 1.69 lakhs staff, and posted a growth of 4.32% compared
to Q2 FY23-24. On a Y-o-Y basis, total staff has increased by 13.42%. MFIs employed 1.03 lakhs field
staff, posting a growth of 1.98% over the previous quarter Q2 FY23-24. Compared with the same
quarter of the previous financial year (Q3 FY22-23), there has been a Y-o-Y growth of 15.73% for
field staff. Out of total staff, Very Large MFIs (GLP>₹2,000 Cr.) employed 1.20 lakhs staff, holding
71% of total staff.

Figure 11: No. of MFI Staff: Total Staff and Category-wise break up of Total Staff

1.80 1.69
1.62
1.60
1.40
No. of Staff (in lakhs)

1.20
1.15
1.20 1.03 1.01
1.00
0.80
0.60
0.40 0.28 0.28
0.13
0.14
0.20 0.06 0.06
-
Field Officer Total Staff <₹100 Cr. ₹100 Cr.- ₹500 Cr.- >₹2,000 Cr.
₹500 Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

27
Figure 12: No. of Staff Recruited and Left/Dropped across different categories

35,000
28,663
30,000
24,619 NBFC- MFIs account
21,675
25,000 18,683 21,365 for 86% and Very
20,000 15,795
Large MFIs (GLP
15,000
10,000 2,048 159 1,301 3,763 >₹2,000 Cr) account
785 816 4,474
5,000 970
2,832
242 906 1,918 for 75% of the total
- recruitment whereas
NBFC-MFIs account
for 86% and Very
Large MFIs (GLP
>₹2,000 Cr) account
for 73% of the total
staff left/dropped.
Recruited Dropped/Left

During Q3 FY 23-24, a total of 28,663 new staff has been recruited by 97 MFIs whereas 21,675 staff
has been left/dropped from 99 MFIs. The break-up of figures of new staff recruitment and staff
left/dropped further indicates that a major part of new staff were hired by NBFC-MFIs.

Table 3: Staff Attrition across different categories

Category No. of staff No. of No. of No. of Staff
at the Staff who new staff at Attrition
beginning left/dropp Staff the end Rate (Q3)
of Q3 FY ed MFIs recruited of Q3 FY
23-24 during the during 23-24
quarter. the
quarter
NBFC-MFIs 1,34,245 18,683 24,619 1,40,069 14%
NBFCs 5,436 785 970 5,615 14%
Sec. 8 Coms & Pvt. Ltd. 11,076 2,048 2,832 11,860 18%
Coms
Others 11,125 159 242 11,208 1%
GLP <₹100 Cr 6,330 816 906 6,302 13%
GLP between ₹100-₹500 13,314 1,301 1,918 13,931 10%
Cr
GLP between ₹500- 27,580 3,763 4,474 28,291 13%
₹2,000 Cr
GLP >₹2,000 Cr 1,14,658 15,795 21,365 1,20,228 13%
Total 1,61,882 21,675 28,663 1,68,752 13%

Note: This is overall staff attrition but exclusive field staff attrition is roughly 25-30%.

28
Figure 13: MFI Field Staff v/s Other Staff

Sixty one percent (61%) of total

staff is field staff, working in the
branches of MFIs. This is
obviously because of the
labour-intensive nature of the
MFI operations, which involves
human interaction with clients.
Other Staff comprises 39% of
the total staff who are
professional or administrative
staffs who perform general
office related works.

11.2 Staff Productivity

11.2.1 Clients per Field Officer

It measures the number of active borrowers served by a field 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 field officer with a borrower, affecting his/her service quality. Figure 14 shows
that number of clients served by a field officer is 381 in Q3 FY 23-24 while it was also 381 in Q2 FY
23-24. The performance of the MFIs under all size-wise categories has increased except for Very
Large MFIs (GLP> ₹2,000 Cr).

Figure 14: Client per Field Officer: Total and Category-wise breakup

450
403 411
400 381 381

350 333 325

Client per Field Officer

318 312
288
300
250 234

200
150
100
50
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr. Cr.

Q3 FY 23-24 Q2 FY 23-24

11.2.2 Client per Branch

Figure 15 shows that number of clients served per branch has increased to 1,967 in Q3 FY 23-24
from 1,937 in Q2 FY23-24. The performance of the MFIs under size wise categories have increased
for all categories except for Very Large MFIs (GLP >₹2,000 Cr.).

29
Figure 15: Client per Branch - Total and Category-wise breakup

2,500 2,358 2,378

1,967 1,937
2,000

Client per Branch

1,466 1,385
1,500
1,169 1,122

1,000 877 807

500

-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

11.2.3 GLP per Field Officer

Figure 16 shows that the GLP per Field Officer has increased to 135 lakhs in Q3 FY 23-24 from 132
lakhs Q2 FY23-24. The performance of the MFIs has increased across all size wise categories
compared to Q2 FY23-24.

Figure 16: GLP per Field Officer (in lakhs) - Total and Category-wise breakup

160 152 151

135 132
140
GLP per field officer (in lakhs)

120
95 98 94
100 87
80 65
60 51

40

20

-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr. Cr.

Q3 FY 23-24 Q2 FY 23-24

11.2.4 GLP per Branch

Figure 17 shows that GLP per Branch has increased to 700 lakhs in Q3 FY23-24 from 671 lakhs Q2
FY23-24. The performance of the MFIs has increased for all MFIs across all size-wise categories
compared to Q2 FY23-24.

30
Figure 17: GLP per Branch: Total and Category-wise breakup

1,000
888 875
900

GLP per Branch (in lakhs)

800
700 671
700
600
500 432
400
400 349
314
300
199 176
200
100
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.-₹2,000 >₹2,000 Cr.
Cr. Cr.

Q3 FY 23-24 Q2 FY 23-24

12. Portfolio at Risk

12.1 Portfolio at Risk (PAR) (for On-Balance Microfinance Portfolio)

The loan portfolio is the primary income-generating asset in an MFI’s balance sheet. Interest income
typically constitutes over 90% of the total income of MFIs. Lending, obviously, is fraught with the
inherent risk of repayment default. Therefore, maintaining a healthy loan portfolio with minimum
loan default ensures the profitability and financial health of an MFI.

The Figure 18 shows that Portfolio at Risk for On-Balance Microfinance Portfolio the whole sector
and size wise categories of MFIs.

Figure 18: Loan Portfolio at Risk (for On-Balance Microfinance Portfolio)2

5.00%
4.50% 4.30%
4.02%
4.00% 3.63%
3.50% 3.28%
3.05% 3.10% 2.50%
2.76% 2.28%
PAR (in %)

3.00% 2.72% 2.59% 2.54%

2.37% 2.28% 1.68%
2.50% 2.22%
2.07%
2.00% 1.64% 1.42%
1.48%
1.50%
1.00%
0.50%
0.00%
PAR 30+ dpd PAR 60+ dpd PAR 90+ dpd PAR 180+ dpd

Overall <₹100 Cr. ₹100 Cr.-₹500 Cr. ₹500 Cr.-₹2,000 Cr. >₹2,000 Cr.

2
PAR>30 days = all overdues above 30 days including above 180 days, PAR>60 days = all overdues above 60 days including above
180 days, PAR>90 days = all overdues above 90 days including above 180 days and PAR>180 days = all overdues above 180 days.
31
13. Loan Disbursement by Quarter

During Q3 FY23-24, an amount of ₹34,118 crores has been disbursed by 134 MFIs whereas the same
number of MFIs had disbursed ₹33,353 crores in Q2. Out of total disbursement, Small MFIs
(GLP<₹100 Cr.) disbursed ₹610 crores, Medium MFIs (GLP between ₹100 Cr.-₹500 Cr.) disbursed
₹2,211 crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) disbursed ₹4,426 crores and Very
Large MFIs (GLP>₹2,000 Cr.) have disbursed ₹26,870 crores, constituting 79% of total
disbursement.

Figure 19: Loan Disbursement: Total and Category-wise break-up

40,000
34,118 33,353
35,000
DIsbursement (₹ in Cr.)

30,000 26,548
26,870
25,000

20,000

15,000

10,000
1,956 4,426 4,255
5,000 2,211
610 594
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

13.1 Leading MFIs in Loan Amount Disbursed

Figure 20: Top 10 MFIs with amount disbursed during Q3 (Oct’23 to Dec’23)

Top 10 MFIs disbursement (₹ in Cr.) The top 10 MFIs

account for 71% of
SKDRDP 5,082 total disbursement
IIFL Samasta 3,084 and remaining 134
Satin 2,698 MFIs account for
Muthoot Microfin 2,592 29% of total
Belstar 2,482 disbursement.
Spandana 2,368
SKDRDP alone
Annapurna Finance 1,989
accounts for 21%
for disbursement
Satya 1,424
among top 10 MFIs
Svatantra 1,358
and 15% of total
Cashpor 1,171
disbursement of
- 1,000 2,000 3,000 4,000 5,000 6,000 the industry.

Note: Amount disbursed by SKDRDP is through BC mode and sits on the books of the Banks.

32
14. Financial Performance:

14.1 Total Assets

As of 31st December 2023, MFIs have total assets of ₹1,09,788 crores, there is a growth of 5.08%
over Q2 FY23-24 and by 26.12% compared to third quarter of previous financial year FY 22-23.
Total assets of the MFIs across portfolio size have increased for all size wise categories Small MFIs
(GLP<₹100 Cr.) hold ₹2,047 crores, Medium MFIs (GLP between ₹100 Cr.-₹500 Cr.) hold ₹5,452
crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) hold ₹14,972 crores and Very Large MFIs
(GLP>₹2,000 Cr.) hold ₹87,318 crores.

Figure 21: Total Assets: Total and Category-wise breakup

1,20,000 1,09,788 1,04,485

1,00,000
87,318 83,067
Total Assets (₹ in Cr.)

80,000

60,000

40,000

1,951 5,215 14,252

20,000 14,972
2,047 5,452
-
Total <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

14.2 Total Income

Total Income earned by the MFIs during the third quarter is ₹6,351 crores, out of which Small MFIs
(GLP<₹100 Cr.) earned ₹122 crores, Medium MFIs (GLP between ₹100 Cr.-₹500 Cr.) earned ₹306
crores, Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.) earned ₹976 crores and Very Large MFIs
(GLP>₹2,000 Cr.) earned ₹4,947 crores.

Figure 22: Total Income: Total and Category-wise breakup

7,000 6,351
6,000 5,317
Total Income (₹ in Cr.)

4,947
5,000
4,152
4,000
3,000
2,000
976832
1,000 678 507 288
355 122105 12 5 306229 55 105 40
22
-
Total <₹100 Cr. ₹100 Cr.-₹500 Cr. ₹500 Cr.-₹2,000 Cr. >₹2,000 Cr.

Total Income Income from Direct lending activities

Income from activities other than Direct lending Other Income

33
15. Cost (Operational & Financial) and Interest Rate (charged to clients)

15.1 Operating Cost

The operating cost (weighted average value) of the microfinance sector for Q3 FY23-24 is 6.95%
which has slightly increased from 6.88% in Q2 FY23-24. Across portfolio size, Operating Cost is the
lowest for Very Large MFIs (GLP >₹2,000 Cr.) at 6.62% and highest for Small MFIs (GLP < ₹100
Cr.) at 8.69%. Operating cost has increased across all categories of MFIs except for Medium MFIs
(GLP between ₹100 Cr.-₹500 Cr.) and Small MFIs (GLP < ₹100 Cr.) compared to Q2 FY23-24.

Figure 23: Operating Cost: Total and Category-wise breakup

10.00% 9.21%
8.69% 8.31% 8.14%
9.00% 8.24% 8.33%
6.88%
8.00% 6.55%
Operating Cost (in %)

6.95%
7.00% 6.62%

6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Overall <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

15.2 Cost of Fund

The Cost of Fund (weighted average value) of the microfinance sector for Q3 FY23-24 is 11.53%,
increased from 11.44% in Q2 FY23-24. Across portfolio size, the Cost of Fund is the lowest for Very
Large MFIs (GLP >₹2,000 Cr.) at 11.07% and the highest for Large MFIs (GLP between ₹500 Cr.-
₹2,000 Cr.) at 13.33%. Cost of Fund have increased for all categories of MFIs except for Large MFIs
(GLP between ₹500 Cr.-₹2,000 Cr.) compared to Q2 FY23-24.

Figure 24: Cost of Fund: Total and Category-wise breakup

16.00% 12.42% 12.64% 13.38%

Average Cost of Fund (in %)

11.44% 13.06% 13.33% 10.97%

14.00% 12.56%
11.53% 11.07%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
Overall <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

34
15.3 Interest Rate (Rate of Interest charged to clients)

The Interest Rate (weighted average value) of the microfinance sector for Q3 FY23-24 is 22.68%,
increased from 22.64% in Q2 FY23-24. Across portfolio size, interest rate is the lowest for Very Large
MFIs (GLP>₹2,000 Cr.) at 22.09% and highest for Large MFIs (GLP between ₹500 Cr.-₹2,000 Cr.)
at 25.30%. Interest rate across all size wise categories has increased except for Small MFIs (GLP
<₹100 Cr.) compared to the previous quarter Q2 FY23-24.

Figure 25: Interest Rate: Total and Category-wise breakup

26.00% 24.91%
24.60% 25.30%25.11%
25.07%
Average Interest Rate (in %)

25.00% 24.50%

24.00%
22.64%

23.00% 22.68% 22.08%

22.09%
22.00%

21.00%

20.00%
Overall <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

16. Profitability Ratios:

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

Figure 26 (a): Return on Assets: Total and Category-wise breakup

1.80% 1.66%
1.60%
Return on Assets (in %)

1.40% 1.05% 1.20% 1.16% 1.09%

1.20% 1.09% 1.05% 0.90% 1.05%
1.00% 0.83%
0.80%
0.60%
0.40%
0.20%
0.00%
Overall <₹100 Cr. ₹100 Cr.-₹500 ₹500 Cr.- >₹2,000 Cr.
Cr. ₹2,000 Cr.

Q3 FY 23-24 Q2 FY 23-24

35
Figure 26 (b): Return on Equity: Total and Category-wise breakup

7.00%
6.19%
5.80%
6.00% 5.34%
5.17% 5.08% 5.03%

Return on Equity (in %)

5.00%
4.00% 4.01%
4.06%
4.00%

3.00% 2.26%

2.00%

1.00%

0.00%
Overall <100 Cr. 100-500 Cr. 500-2000 Cr. >2000 Cr.

Q3 FY 23-24 Q2 FY 23-24

Figures 26(a) and 26 (b) show the distribution of RoA and RoE across different size wise categories
of MFIs.

17. Funding:

17.1. Fund received during Q3_FY 2023-24

Total Fund received during Q3 (Oct’23–Dec’23) is ₹19,192 crores. Out of which Very Large MFIs
(GLP>₹2,000 Cr) is leading with ₹15,698 Cr, constituting 82% of the total fund received whereas
other MFIs together received only ₹3,494 Cr, constituting 18% of the total fund. Among the legal
forms, NBFC-MFIs have received ₹18,262 crores, constituting 95% of the total fund received.

Figure 27: Fund Received - Total and Category-wise breakup

25,000

19,192
20,000 18,262
15,698
15,000

10,000

5,000 2,635
228 630 743 6 37 144
-

36
Table 4: Source-wise funds received by different sizes of MFIs during Q3_FY 2023-24

Size No. of Out of Out of Col % of Total Fund % of

(1) MFIs Col 2, 2, No. of MFI not recd. (₹ in Fund
report No. of MFIs not recd. crore) recd.
ed (2) MFIs recd. fund Fund (6) against
recd. from any (5) (Col. Total
Fund source (4) 4 /Col. 2 Fund
(3) *100) recd. (7)
MFIs with GLP<₹100 cr. 81 37 44 54% 228 1%
Out of which NBFC-MFIs 27 17 10 38% 119 1%
MFIs with GLP >₹100
32 24 16 50% 630 3%
cr. but <₹500 cr.
Out of which NBFC-MFIs 19 16 3 16% 429 2%
MFIs with GLP>₹500 cr.
17 15 2 12% 2,635 14%
but <₹2,000 cr.
Out of which NBFC-MFIs 13 13 0 0% 2,017 11%
MFIs with GLP>₹2,000
14 12 2 14% 15,698 82%
cr.
Out of which NBFC-MFIs 12 12 0 0% 15,698 82%
Total 144 87 57 40% 19,192

17.2 Sources of Fund

Figure 28 shows that Bank borrowing is the maximum source of funding which constitutes 40% of
total funding of ₹19,192 crores, followed by Securitization and Direct Assignment at 26%.

Figure 28: Sources of funding based on types of instruments

Securitization Any Other, 1%

& Direct
Assignment ,
25%

Banks, 45%

NCDs, 10%

Other FIs ,
10%
SIDBI , 3%
Bulk Lender,
MUDRA, 0.20% NABARD , 3%
3%

37
Table 5: Source-wise funds received by different sizes of MFIs during Q3_FY 23-24

Sources of Fund (₹ in Cr.)

Size Fund Recd. Fund Funds Fund Fund Fund Fund Fund Amt Amt Total
from Public Recd. Recd. Recd. Recd. Recd. Recd. Recd. Recd Recd. Fund
Sector Banks from Pvt. from from from from From By from from Recd.
Sector SIDBI NABARD MUDRA Bulk Other issuing Securiti any
Banks Lender FIs NCDs zation other
and source
Direct
Assign
ment
MFIs with GLP<₹100 cr. 90.67 13.08 0.00 0.00 0.00 31.70 77.41 9.80 0.00 5.64 228.29
Out of which NBFC-MFIs 47.10 4.00 0.00 0.00 0.00 27.95 33.28 2.80 0.00 2.03 117.16
MFIs with GLP >₹100 cr. but 211.56 81.30 0.00 0.00 0.00 147.34 81.26 7.36 0.00 101.27 630.05
<₹500 cr.
Out of which NBFC-MFIs 88.00 73.00 0.00 0.00 0.00 131.00 76.26 0.00 0.00 61.10 429.36
MFIs with GLP>₹500 cr. but 250.00 657.18 132.58 0.00 0.00 138.55 625.22 227.91 528.11 75.66 2,635.22
<₹2,000 cr.
Out of which NBFC-MFIs 250.00 507.18 132.58 0.00 0.00 68.00 507.72 209.26 324.68 17.48 1,826.86
MFIs with GLP>₹2,000 cr. 2,605.00 4,664.73 480.00 615.61 37.50 215.00 1,073.40 1,638.5 4,318.5 50.00 15,698.35
9 2
Out of which NBFC-MFIs 2,605.00 4,664.73 480.00 615.61 37.50 215.00 1,073.40 1,638.5 4,318.5 50.00 15,698.35
9 2
Total 3,157.23 5,416.29 612.58 615.61 37.50 532.56 1,857.29 1,883.6 4,846.6 232.57 19,192

38
18. Annexures:

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

Name of the State/UT Name of the MFIs No.

of
MFIs
Andaman & Nicobar BWDA Finance. 1
Islands (AN)
Avanti, Belstar, Finsigma, IIFL Samasta, Magalir, NABFINS, 12
Andhra Pradesh (AP)
NOCPL, PAFT Inclusive, RASS, Satya, SIF, Spandana.
Avanti, IIFL Samasta, Nightingale, Satin, Svatantra, 6
Arunachal Pradesh (AR)
UNACCO.
Ajagar, Annapurna Finance, ASA International, Avanti, 23
GDFPL, IIFL Samasta, Jagaran, NABFINS, Nightingale,
Assam (AS) NOCPL, Prochesta, Sarala, Satin, Satra, Satya, Share
Microfin, Svatantra, UNACCO, Uttrayan, Vector, Vedika,
VFS, YVU Financial.
Annapurna Finance, ASA International, Avanti, Belstar, 44
Cashpor, CDOT, DCBS, Digamber, Dvara KGFS, Grameen
Shakti, IIFL Samasta, Jagaran, Midland, Mitrata, Muthoot,
NABFINS, NBJK, NEED, NOCPL, Pahal, Palli Pragoti, Pragati
Bihar (BR) Finserv, Prayatna, Samavesh, Samhita, Sarala, Satin, Satya,
Save Microfinance, SEED Capital, Servitium, Share India
Fincap, Share Microfin, Sindhuja, Sonata, Spandana,
Svamaan, Svatantra, SVCL, Uttrayan, Vedika, VFS, WeGrow,
Zylo Mico Care.
Chandigarh (CH) Avanti, Midland, Satya. 3
Annapurna Finance, Avanti, Aviral, Belstar, Cashpor, Dvara 31
KGFS, GU Finance, IIFL Samasta, Muthoot, NABFINS,
NOCPL, Pahal, Pragati Finserv, Prayatna, Samhita,
Chhattisgarh (CG)
Samparna, Sampark Fin Services, Satin, Satya, Save
Microfinance, Share Microfin, Sindhuja, Sonata, Spandana,
Svamaan, Svasti, Svatantra, SVCL, Vector, VFS, VisionFund.
Avanti, Belstar, Prayatna, Satin, Satya, Share Microfin, 8
Delhi (DL)
Shikhar, Zylo Mico Care.
Annapurna Finance, Avanti, IDF, IIFL Samasta, Satya, 8
Goa (GA)
Share Microfin, Spandana, Svasti.
Annapurna Finance, Avanti, Belstar, Hindusthan, IIFL 25
Samasta, Midland, Muthoot, NABFINS, NOCPL, Pahal,
Gujarat (GJ) Prayas, Saath Mahila, Satin, Satya, SEWA Bank, Shroff,
Share Microfin, Sindhuja, Spandana, SVCL, Svasti,
Svatantra, The Saath, Unnatti, VFS.
Aasra, Ambition Services, Annapurna Finance, Arth, Avanti, 31
Belstar, Digamber, DIMC, Dvara KGFS, Humana, IIFL
Samasta, Magenta, Midland, Mitrata, Muthoot, NOCPL,
Haryana (HR)
Pahal, Samavesh, Satin, Satya, Save Microfinance, Share
India Fincap, Share Microfin, Shikhar, Sindhuja, Sonata,
Spandana, Svamaan, Svatantra, SVCL, VFS.
Annapurna Finance, Arth, Avanti, Digamber, DIMC, Midland, 10
Himachal Pradesh (HP)
Muthoot, Satin, Satya, Spandana.
39
Name of the State/UT Name of the MFIs No.
of
MFIs
Jammu & Kashmir (JK) Avanti, Digamber, Midland, Satin, Satya. 5
Annapurna Finance, Avanti, Cashpor, Dvara KGFS, Grameen 28
Shakti, IIFL Samasta, Jagaran, Midland, Muthoot, NABFINS,
NBJK, Pragati Finserv, Prayatna, Samavesh, Sarala, Satin,
Jharkhand (JH)
Satya, Save Microfinance, Share Microfin, Sindhuja, Sonata,
Spandana, Svamaan, Svatantra, SVCL, Uttrayan, Vedika,
VFS.
Agora, Annapurna Finance, Avanti, Belstar, BWDA Finance, 28
Dvara KGFS, Hindusthan, IDF, IIFL Samasta, Muthoot,
NABFINS, Navachetana, NOCPL, Pragati Finserv, Rors,
Karnataka (KA)
Sanghamitra, Satin, Satya, Save Microfinance, Shree
Marikamba, SIF, SKDRDP, Share Microfin, Spandana,
Sushravya, Svamaan, Svatantra, Virutcham.
Avanti, Belstar, BWDA Finance, IIFL Samasta, Janashree, 27
Keshava Prabha Microfin, Kiara, Magalir, Max United,
MIG, MGFRD, Muthoot, NIDS, NABFINS, NOCPL, Pragati
Kerala (KL)
Finserv, REPCO, Sahrudaya Wesco, Satya, Share Microfin,
SKDRDP, Spandana, Svatantra, Vanchinad, Velicham,
VisionFund, Virutcham.
Annapurna Finance, Arth, Aparajita, Avanti, Aviral, Belstar, 40
Cashpor, Digamber, Hindusthan, IIFL Samasta, Jigyasa,
Midland, Mitrata, Muthoot, NABFINS, NOCPL, Pahal, Pragati
Finserv, Prayas, Prayatna, Sai Shakti, Samavesh,
Madhya Pradesh (MP)
Samhita, Satin, Satya, SELF, Shakti Mahila, Sharan
Welfare, Share India Fincap, Share Microfin, Sindhuja,
Sonata, Spandana, Surya Jyoti, Svamaan, Svasti, Svatantra,
SVCL, Vector, VFS.
Agora, Annapurna Mahila, Anik, Annapurna Finance, 28
Arth, Avanti, Belstar, Fingel, Hindusthan, IDF, IIFL
Samasta, Muthoot, NABFINS, Navachetana, NOCPL, Pahal,
Maharashtra (MH)
Pratyancha, Sanghamitra, Satin, SELF, SIF, Share Microfin,
Sonata, Spandana, Svamaan, Svasti, Svatantra,
Unnatti.
Avanti, Chanura, LaRaksha, Leima, SEAT, UNACCO, 7
Manipur (MN)
YVU Financial.
Annapurna Finance, ASA International, Avanti, GDFPL, 9
Meghalaya (ML)
Nightingale, Satin, UNACCO, Uttrayan, VFS.
Mizoram (MZ) Avanti, GDFPL, NABFINS, Nightingale, UNACCO. 5
Nagaland (NL) Avanti, GDFPL. 2
Annapurna Finance, ASA International, Avanti, Aviral, 30
Belstar, BWDA Finance, Cashpor, Dvara KGFS,
GU Finance, Glowmore, IIFL Samasta, Jagaran, Kiara,
Odisha (OD)
Midland, Muthoot, NABFINS, NOCPL, Samparna, Satin,
Satya, SEED Capital, Share Microfin, Sindhuja, Spandana,
Svamaan, Svatantra, Uttrayan, Vector, Vedika, VFS.
Avanti, Belstar, BWDA Finance, BWDC, Finsigma, GMF, IIFL 22
Samasta, Muthoot, NABFINS, NOCPL, Pahal, PAFT Inclusive,
Puducherry (PY)
Pragati Finserv, REPCO, Satin, Satya, Spandana, Valar,
Velicham, Virutcham, VisionFund, Vivardhana.
40
Name of the State/UT Name of the MFIs No.
of
MFIs
Ambition Services, Annapurna Finance, Arth, Avanti, Belstar, 20
Digamber, Dvara KGFS, IIFL Samasta, Magenta, Midland,
Punjab (PB)
Muthoot, Satin, Satya, Save Microfinance, Share India
Fincap, Sonata, Spandana, Svatantra, SVCL, Uttrayan.
Ambition Services, Annapurna Finance, Arth, Avanti, 35
Belstar, Digamber, Hindusthan, Humana, IIFL Samasta,
Midland, Mitrata, Muthoot, NABFINS, NOCPL, Pahal,
Rajasthan (RJ) Pratyancha, Prayas, Prayatna, PSC, Samavesh, Satin, Satya,
Save Microfinance, Shram Sarathi, Share Microfin,
Sindhuja, Sonata, Spandana, Svamaan, Svasti, Svatantra,
SVCL, Uttrayan, VFS, Zylo Mico Care.
Sikkim (SK) Sarala, Satin, UNACCO, Uttrayan, VFS. 5
Annapurna Finance, Ajaaya, Avanti, Belstar, Blaze Trust, 53
BWDA Finance, BWDC, Citta Plus, Dvara KGFS,
Finsigma, GMF, IIFL Samasta, Keshava Prabha Microfin,
Kiara, LaRaksha, Magalir, Magilchi, Mahasemam,
Muthoot, NABFINS, Navachetana, NOCPL, Pahal, PAT,
PAFT Finance, PAFT Inclusive, Pragati Finserv, RASS,
Tamil Nadu (TN)
REPCO, Rors, Sai Mithra, Sanghamitra, Sarvam, Satin,
Satya, Save Microfinance, Velicham, Share Microfin, SIF,
Spandana, Subiksham, Svamaan, Svasti, Svatantra,
Swarnodhayam, Valar, Vanchinad, Virutcham, Vision
Microcredit, VisionFund, Vivardhana, Wesghats,
WOMAN.
Annapurna Finance, Anik, Avanti, IIFL Samasta, NABFINS, 9
Telangana (TS)
NOCPL, Satya, SIF, Spandana.
Annapurna Finance, ASA International, Avanti, Belstar, IIFL 15
Tripura (TR) Samasta, NABFINS, NOCPL, Satin, Satya, Svatantra,
UNACCO, Vector, Vedika, VFS, YVU Financial.
Aasra, Ambition Services, Annapurna Finance, ASA 48
International, Avanti, Belstar, Cashpor, CDOT, Digamber,
DIMC, Dvara KGFS, FCSL, Godson, Humana, IIFL
Samasta, Kuber Kanak, Magenta, Midland, Mitrata,
Muthoot, NABFINS, NEED, NOCPL, Pahal, Pragati Finserv,
Uttar Pradesh (UP)
Prayas, Prayatna, Samavesh, Samhita, Satin, Satya, Save
Microfinance, Share India Fincap, Share Microfin, Shikhar,
SIF, Sindhuja, Sonata, Spandana, Surya Jyoti,
Svamaan, Svasti, Svatantra, SVCL, Vedika, VisionFund, VFS,
Zylo Mico Care.
Ambition Services, Annapurna Finance, Arth, Avanti, 20
Belstar, Digamber, DIMC, Dvara KGFS, IMCS, Midland,
Uttarakhand (UK)
Muthoot, Satin, Satya, Share Microfin, Sonata, Spandana,
Svatantra, SVCL, Uttrayan, VFS.
Annapurna Finance, ASA International, Avanti, 36
Barasat Sampark, Belstar, Destiny Finco, DCBS,
Grameen Shakti, IIFL Samasta, Jagaran, Jeevan
West Bengal (WB)
Utthan, Kuber Kanak, LaRaksha, Midland, Muthoot,
NABFINS, Nabadiganta Welfare, NEED, Palli Pragoti,
SUWS, Sampurna Financial, Sarala, Sarwadi, Satin,
41
 Name of the State/UT Name of the MFIs No.
of
MFIs
Satya, Servitium, Share Microfin, Spandana, STEP,
Svatantra, UNACCO, Uttrayan, Vector, Vedika, VFS,
WeGrow.
Based on self-reported data from 144 MFIs.

Note: 1. Names in bold indicate that the MFI/SFB is headquartered in that particular State/UT (Some MFIs having their
headquarter in 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).

2. Avanti has presence in 31 States/UTs, it works on an assisted model and tied up with Loan Service Providers (LSP) to
deliver different loan products to the clients across the country.

3. Note: Asirvad Microfinance Ltd. is in the process of filing for IPO, so this time they have not shared data with Sa-Dhan
and hence have been excluded from the analysis.

18.2 Annexure II: Distribution of MFIs

(i) Distribution of MFIs across Legal Form

Legal Form No. of MFIs

NBFC-MFI 71
NBFC 14
Sec.8 Com 20
Society 13
Trust 10
MACS or Cooperative 7
Pvt. Ltd. Com 9
Total 144

(ii) Distribution of MFIs across Size

Size GLP Base No. of MFIs

Small <₹100 Cr. 81
Medium >₹100 Cr. but <₹500 Cr. 32
Large >₹500 Cr. but <₹2,000 Cr. 17
Very Large >2,000 Cr. 14
Total 144

18.3 Annexure III: Profile of MFIs 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-MFI Uttar Pradesh
2 Agora Microfinance India Ltd NBFC-MFI Maharashtra
3 Ajaaya Development Foundation Sec. 8 Com Tamil Nadu
4 Ajagar Finance Pvt. Ltd. NBFC-MFI Assam
5 Anik Financial Services Pvt. Ltd. NBFC-MFI Maharashtra
6 Aparajita Mahila Sangh Society Madhya Pradesh
7 Aviral Finance Pvt.Ltd. NBFC-MFI Chhattisgarh
42
S.No Name of the MFI Legal Form State/UT
8 Barasat Sampark Society West Bengal
9 Bharathi Women Development Center (BWDC) Society Tamil Nadu
10 Blaze Trust Trust Tamil Nadu
11 Center for Development Orientation & Training Society Bihar
(CDOT)
12 Chanura Microfin Manipur Society Manipur
13 Citta Plus Consultancy Pvt. Ltd. Pvt. Ltd. Com Tamil Nadu
14 Destiny Finco Pvt. Ltd. NBFC-MFI West Bengal
15 Fingel Management Services Pvt. Ltd. Pvt. Ltd. Com Maharashtra
16 Finsigma Inclusive Services Pvt. Ltd. Pvt. Ltd. Com Tamil Nadu
17 Friends Capital Services Ltd. (FCSL) NBFC Uttar Pradesh
18 Glowmore Finance Pvt. Ltd. NBFC Odisha
19 Godson Microfinance Federation Sec. 8 Com Uttar Pradesh

20 Gramalaya Microfin Foundation (GMF) Sec. 8 Com Tamil Nadu

21 Grameen Development and Finance Pvt. Ltd. NBFC-MFI Assam
(GDFPL)
22 Hindusthan Microfinance Pvt. Ltd. NBFC-MFI Maharashtra
23 Info Microcredit Society (IMCS) MACS or Uttarakhand
Cooperative
24 Janashree Microfin Ltd. NBFC-MFI Kerala
25 Jeevan Utthan Financial Services Pvt. Ltd. NBFC West Bengal
26 Jigyasa Livelihood Promotions Micro Finance Sec. 8 Com Madhya Pradesh
Company
27 Keshava Prabha Microfin Pvt. Ltd. NBFC-MFI Kerala
28 Kiara Microcredit Pvt. Ltd. NBFC-MFI Tamil Nadu
29 Kuber Kanak Microfinance Association Sec. 8 Com Uttar Pradesh
30 LaRaksha Social Impact Trust Trust Tamil Nadu
31 Magenta Finance Services Pvt. Ltd. NBFC-MFI Delhi
32 Magilchi Foundation Trust Tamil Nadu
33 Mahatma Gandhi Foundation for Rural Society Kerala
Development (MGFRD)
34 Max United Foundation Trust Kerala
35 Micro Credit Initiative of Grameen (MIG) Sec. 8 Com Kerala
36 Nabadiganta Welfare Foundation Sec. 8 Com West Bengal
37 Nav Bharat Jagriti Kendra (NBJK) Society Jharkhand
38 NEED Livelihood Microfinance Pvt. Ltd. NBFC-MFI Uttar Pradesh
39 Neyyattinkara Integral Development Society (NIDS) Society Kerala
40 PAFT Finance Ltd. NBFC Tamil Nadu
41 Palli Pragoti Financial Services Pvt. Ltd. NBFC West Bengal
42 People's Action for Transformation (PAT) Trust Tamil Nadu
43 Planned Social Concern (PSC) Sec. 8 Com Rajasthan
44 Prochesta Thrift and Credit Cooperative Society MACS or Assam
Asom Ltd. Cooperative
45 Rajasthan Shram Sarathi Association Sec. 8 Com Rajasthan
46 RORS Finance Pvt. Ltd. NBFC-MFI Karnataka
47 Saath Mahila Saving and Credit Cooperative Society MACS or Gujarat
Cooperative
48 Sahara Utsarga Welfare Society (SUWS) Society West Bengal
49 Sahrudaya Wesco Credit Trust Kerala
50 Sai Mithra Micro Care Foundation Sec. 8 Com Tamil Nadu

43
S.No Name of the MFI Legal Form State/UT
51 Sai Shakti Mahila Technical & Development Sec. 8 Com Madhya Pradesh
Services
52 Samavesh Finserv Pvt. Ltd. NBFC-MFI Uttar Pradesh
53 Samhita Community Development Services Sec. 8 Com Madhya Pradesh
54 Sampada Entrepreneurship and Livelihoods Sec. 8 Com Maharashtra
Foundation (SELF)
55 Sampurna Training and Entrepreneurship Sec. 8 Com West Bengal
Programme (STEP)
56 Sarvam Charitable Trust Trust Tamil Nadu
57 Sarwadi Finance Pvt. Ltd. NBFC-MFI West Bengal
58 Satra Development Finance Pvt. Ltd NBFC-MFI Assam
59 SEED Capital Pvt. Ltd. NBFC Bihar
60 Servitium Micro Finance Pvt. Ltd. NBFC-MFI West Bengal
61 Shakti Mahila Sangh Bahu-Uddeshiya Sahkari MACS or Madhya Pradesh
Samiti Cooperative
62 Sharan Welfare Foundation Sec. 8 Com Madhya Pradesh
63 Shree Marikamba Micro Finance Pvt. Ltd. NBFC-MFI Karnataka
64 Shroff Capital and Finance Pvt. Ltd. NBFC-MFI Gujarat
65 Socio Economic Action Trust (SEAT) Trust Manipur
66 Subiksham Women's Welfare Foundation Sec. 8 Com Tamil Nadu
67 Surya Jyoti Leasing and Finance Ltd. NBFC Uttar Pradesh
68 Sushravya Upliftment Foundation Sec. 8 Com Karnataka
69 Swarnodhyam Credit Pvt. Ltd. NBFC Tamil Nadu
70 The Leima Thrift & Credit Cooperative Society Ltd. Society Manipur
71 The Saath Saving and Credit Cooperative Society MACS or Gujarat
Ltd. Cooperative
72 UNACCO Financial Services Pvt. Ltd. NBFC-MFI Assam
73 Valar Aditi Social Finance Pvt. Ltd. NBFC-MFI Tamil Nadu
74 Vision Micro Credit & Social Foundation Sec. 8 Com Tamil Nadu
75 VisionFund India Pvt. Ltd. NBFC-MFI Tamil Nadu
76 Vivardhana Microfinance Ltd. NBFC-MFI Tamil Nadu
77 WeGrow Financial Services Pvt. Ltd. NBFC-MFI West Bengal
78 Welfare Organisation for Multipurpose mass Society Tamil Nadu
Awareness Network( WOMAN)
79 Wesghats Micro Finance Ltd. NBFC-MFI Tamil Nadu
80 YVU Financial Services Pvt. Ltd. NBFC-MFI Manipur
81 Zylo Micro Care Foundation Sec. 8 Com Delhi

(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. Pvt. Ltd. Com Delhi
2 Annapurna Mahila Coop Credit Society Ltd. MACS or Maharashtra
Cooperative
3 Arth MicroFinance Pvt. Ltd. NBFC-MFI Rajasthan
4 ASA International India Microfinance Ltd. NBFC-MFI West Bengal
5 BWDA Finance Ltd. NBFC-MFI Tamil Nadu
6 Dhosa Chandaneswar Bratyajana Samity (DCBS) Society West Bengal
7 Disha India Micro Credit (DIMC) Sec. 8 Com Uttar Pradesh
8 Grameen Shakti Microfinance Services Pvt. Ltd. NBFC-MFI West Bengal

44
S.No Name of the MFI Legal Form State/UT
9 GU Financial Services Pvt. Ltd. NBFC-MFI Odisha
10 Humana Financial Services Pvt. Ltd. NBFC-MFI Delhi
11 IDF Financial Services Pvt. Ltd. NBFC-MFI Karnataka
12 Jagaran Microfin Pvt. Ltd. NBFC-MFI West Bengal
13 Magalir Micro Capital Pvt. Ltd. NBFC-MFI Tamil Nadu
14 Mahasemam Trust Trust Tamil Nadu
15 Mitrata Inclusive Financial Services Pvt. Ltd. NBFC-MFI Haryana
16 Nightingale Finvest Pvt. Ltd. NBFC-MFI Assam
17 Prayas Financial Services Pvt. Ltd. NBFC-MFI Gujarat
18 Prayatna Microfinance Ltd. NBFC-MFI Delhi
19 Rashtriya Seva Samithi (RASS) Society Andhra Pradesh
20 Samparna Business Correspondence Pvt. Ltd. Pvt. Ltd. Com Odisha
21 Sampurna Financial Services Pvt. Ltd. Pvt. Ltd. Com West Bengal
22 Sanghamithra Rural Financial Services (SRFS) NBFC-MFI Karnataka
23 Sarala Development & Microfinance Pvt. Ltd. NBFC-MFI West Bengal
24 Share India Fincap Pvt. Ltd. NBFC Uttar Pradesh
25 Shikhar Microfinance Pvt. Ltd. NBFC-MFI Delhi
26 Shri Mahila Sewa Sahakari Bank Ltd. (SEWA Bank) MACS or Gujarat
Cooperative
27 South India Finvest Pvt. Ltd. NBFC-MFI Tamil Nadu
28 Unnatti Finserv Pvt. Ltd. NBFC Maharashtra
29 Uttrayan Financial Services Pvt. Ltd. NBFC-MFI West Bengal
30 Vanchinad Finance Pvt. Ltd. NBFC Kerala
31 Velicham Finance Pvt. Ltd. NBFC Tamil Nadu
32 Virutcham Microfinance Ltd. NBFC-MFI Tamil Nadu

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

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

1 Avanti Finance Pvt. Ltd. NBFC Karnataka
2 Digamber Capfin Ltd. NBFC-MFI Rajasthan
3 Dvara Kshetriya Gramin Financial Services Pvt. NBFC Tamil Nadu
Ltd.
4 Navachetana Microfin Services Pvt. Ltd. NBFC-MFI Karnataka
5 PAFT Inclusive Financial Services Pvt. Ltd. Pvt. Ltd. Com Tamil Nadu
6 Pahal Financial Services Pvt. Ltd. NBFC-MFI Gujarat
7 Pragati Finserv Pvt. Ltd. Pvt. Ltd. Com Telangana
8 REPCO Microfinance Ltd. NBFC-MFI Tamil Nadu
9 Save Microfinance Pvt. Ltd. NBFC-MFI Delhi
10 Share Microfin Ltd. NBFC-MFI Telangana
11 Sindhuja Microcredit Pvt. Ltd. NBFC-MFI Uttar Pradesh
12 SV Creditline Ltd. (SVCL) NBFC-MFI Haryana
13 Svamaan Financial Services Pvt. Ltd. NBFC-MFI Maharashtra
14 Svasti Microfinance Pvt. Ltd. NBFC-MFI Maharashtra
15 Vector Finance Pvt. Ltd. NBFC-MFI Odisha
16 Vedika Credit Capital Ltd. NBFC-MFI Jharkhand
17 VFS Capital Ltd. NBFC-MFI West Bengal

45
(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 Belstar Microfinance Ltd. NBFC-MFI Tamil Nadu
3 Cashpor Micro Credit NBFC-MFI Uttar Pradesh
4 IIFL Samasta Finance Ltd. NBFC-MFI Karnataka
5 Midland Microfin Ltd. NBFC-MFI Punjab
6 Muthoot Microfin Ltd. NBFC-MFI Maharashtra
7 NABFINS Ltd. NBFC-MFI Karnataka
8 New Opportunity Consultancy Pvt. Ltd. (NOCPL) Pvt. Ltd. Com Maharashtra
9 Satin Creditcare Network Ltd. (SCNL) NBFC-MFI Haryana
10 Satya MicroCapital Ltd. NBFC-MFI Delhi
11 Sonata Finance Pvt. Ltd. NBFC-MFI Uttar Pradesh
12 Spandana Sphoorty Financial Ltd. NBFC-MFI Telangana
13 Sri Kshetra Dharmasthala Rural Development Project Trust Karnataka
(SKDRDP)
14 Svatantra Microfin Pvt. Ltd. NBFC-MFI Maharashtra

46
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