New Delhi/Kolkata: Microfinance Institutions Network (MFIN), the microfinance industry association and an RBI recognized self-regulatory organization, on Tuesday released the 40th issue of its Micrometer report for October to December 2021 i.e., Q3 FY 21-22 quarter, says a press release.
Speaking on the Third Issue of Micrometer for FY 21-22, Dr. Alok Misra – CEO & Director, MFIN said, “Q3 21-22 saw continuation of growth momentum of microfinance operations which were impacted due to second wave of COVID in the early part of this financial year. Portfolio quality continued to improve, and the portfolio growth is showing promising signs as well. Historically, fourth quarter brings highest growth in the sector and therefore Q4 21-22 should show further consolidation in the industry.”
Dr. Alok Misra said, “The announcement of the ‘Regulatory Framework for Microfinance Loans, 2022’ has come at a very opportune time when the industry has seemingly navigated the stressful Covid period well and has started showing signs of normalcy. The new regulation is expected to usher in a new phase of growth in the microfinance sector which is more client centric and responsible and will enable regulated entities to reach out to new unreached areas/excluded households. At the same time, the regulation is applicable to all regulated entities and has created a level playing field, which will encourage healthy competition and challenge regulated entities to innovate and become more efficient, and in the process benefit the clients and contribute further towards achievement of financial inclusion.”
MFIN is a premier industry association comprising 56 NBFC-MFIs and 41 Associates including Banks, Small Finance Banks (SFBs) and NBFCs.