Fueling Inclusive Finance: Microfinance Portfolio Skyrockets by 31% to Rs 4 Lakh Crore
India's microfinance sector has experienced a remarkable surge, with the outstanding portfolio reaching a staggering Rs 4 lakh crore. This represents a significant increase of 31% year-on-year, according to the CRIF MicroLend report. The robust growth in the sector highlights the increasing importance of microfinance in providing financial inclusion and support to underserved segments of the population.
Impressive Growth Statistics:
The CRIF MicroLend report reveals several key growth indicators within the microfinance sector. The number of active loans witnessed a substantial rise of 23.2% year-on-year, reaching a total of 155 million loans. This demonstrates the increasing demand for microfinance products and services among individuals and microenterprises across the country.
Loan d...