New Delhi: Microfinance institutions saw their aggregate gross loan portfolio grow 85 per cent year-on-year to Rs 53,233 crore in the fourth quarter of 2015-16, an industry study said on Wednesday.
"South India leads the way with 35 per cent share in GLP followed by North and West which stand at 25 per cent and East contributing 15 per cent," the Microfinance Institutions Network (MFIN) said in its report.
The industry witnessed the year-on-year increase of 44 per cent in client base with MFIs providing micro-credit to 3.25 crore clients.
The analysis takes into account data collected from 56 NBFC-MFIs, all of whom have either received or applied for NBFC-MFI registration from the Reserve Bank of India (RBI).
The average loan amount disbursed for each beneficiary grew to Rs 17,805 in 2015-16, from Rs 14,731 in the previous year.
"Growth has been both in the Gross Loan Portfolio as well as in the number of clients. There has been a growth of 44 per cent over the previous financial year. Over the previous year, MFIs have been bringing down their rates of interest," MFIN chief executive Ratna Vishwanathan said.
With branch network of 9,669 and employee base of 87,402, MFIs now cover 30 states and Union Territories.
MFIN is a self-regulatory organisation for the microfinance industry.