There has been a 48 per cent increase in lending by the non-banking finance companies-micro finance institutions (NBFC-MFIs) during 2013-14.
The disbursals would have been more but for the model of code, which came into force for the Lok Sabha polls. Even then, the industry posted 80 per cent year-on-year growth over fiscal 2012-13.
Forty-six members of Micro Finance Institutions Network (MFIN) have a client base of 28 million. They disbursed 2.44 crore loans amounting to Rs.35,000 crore.
In the previous year, it was 1.86 crore loans amounting to Rs.23,686 crore.
According to official sources, the top 10 MFIN members disbursed loans of over Rs.26,760 crore. Bandhan Financial Services, which recently received the nod from the Reserve Bank of India to commence banking operations, led the pack with Rs.9,200 crore, followed by SKS Micro Finance, Janalakshmi and Ujjivan.
MFIs based in Andhra Pradesh such as Spandana and Share witnessed a drop in branches and clients. SKS reported increase in its clients’ base, but a decline in branches.
West Bengal topped the list in terms of loans disbursed followed by Tamil Nadu, Maharashtra, Karnataka, Uttar Pradesh and Madhya Pradesh. In terms of clients, the top five states are West Bengal, Tamil Nadu, Maharashtra, Karnataka, and Uttar Pradesh. Lending in states such as Punjab, Uttarakhand, Kerala and Bihar also grew significantly, the sources said.