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Creditaccess Grameen reported a 98.1% YoY increase in net profit to Rs 347 crore for the September quarter, attributed to increased loan sales and income.

The total income increased by 29.3 percent year-on-year from Rs 824.5 crore to Rs 1,066.2 crore and pre-provision operating profit (PPOP) increased by 36.3 percent year-on-year from Rs 368.8 crore to Rs 502.9 crore. The impairment of financial instruments declined by 30.3 percent year-on-year from Rs 151.0 crore to Rs 105.3 crore.

In the past, the central bank used to announce the rates on quarterly basis.

Get latest articles and stories on Latest News at LatestLY. The microfinance industry on Monday welcomed the revised directions for microfinance loans issued by the Reserve Bank of India (RBI) and said the harmonised regulations will usher in a new era, bring in uniformity and provide a level playing field in the sector. Latest News | RBIs Harmonised Regulations for Microfinance to Provide Level Playing Field, Increase Competitiveness: MFI Players.

Also as a fallout in semi-urban areas, MSME sector is going through a major shift to digital payments