Microfin business shrinks 4% in a quarter as defaults double in a year

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Times of India 1d ago

Microfin business shrinks 4% in a quarter as defaults double in a year - Times of India

Quick Summary:

In Q2 FY25, the microfinance industry contracted, with delinquency rates increasing to 4.3%, driven by defaults in loans overdue by 30 to 180 days.

The industry's portfolio decreased, and measures were discussed to advocate a credit guarantee scheme, operational funds for Northeast India, and improvements in financial practices, governance, and cybersecurity.

Besides shrinking their portfolio, lenders brought down the number of borrowers with multiple loans - the category with the maximum number of defaults.