The gross loan portfolio of microfinance institutions (MFIs) has increased 23 per cent during 2012-13, according to data with the Microfinance Institutions’ Network (MFIN).
“This was a strong bounce-back from last year when growth had slumped to a negative 14 per cent,’’ Alok Prasad, Chief Executive Officer, MFIN, said in a release issued on Tuesday.
Loan disbursal during the year grew by 13 per cent compared to the previous year.
Tamil Nadu now has the largest number of microfinance institutions in the country. It has been the top State for microfinance, a position occupied by Andhra Pradesh before the 2010 microfinance crisis happened.
TN is followed by West Bengal, Karnataka, Maharashtra, Uttar Pradesh and Madhya Pradesh.
The study is based on data collected from 41 non-banking finance companies-micro finance institutions (NBFC-MFI), who are members of MFIN and represent 85 per cent of the microfinance business in the country (excluding SHGs).