Loan disbursals by microfinance institutions during the first quarter of 2022-23 increased to Rs 45,830 crore as compared to Rs 25,503 crore in the same period last fiscal, a report by Micro-Finance Institutions Network (MFIN) said.
MFIN, a self-regulatory organisation recognised by RBI, said in the report that the number of loans disbursed in the first quarter of the current fiscal stood at 116 lakh, as compared to 71 lakh in the same period of last financial year.
CEO of MFIN Alok Misra said in a statement that after the announcement of harmonised regulations for microfinance, most of the institutions took some time in making policy changes and adapting to new guidelines, but were still able to record a growth of 23.5 per cent in portfolio on a year-on-year basis.
"This will see further strengthening in the coming quarters with a supportive operating and regulatory environment", he added.
Chairman of MFIN Devesh Sachdev said during the first quarter, the sector was occupied with the implementation of harmonised regulations announced by RBI.
"There had been good growth in credit quality and disbursements in the first quarter, riding on robust branch expansion and a conducive policy. The sector is poised for sustainable growth," he added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)