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“This growth can largely be attributed to the large-scale adoption of digitisation by the sector as well as the positive regulatory amendments brought in by RBI that have bridged the gap between rural and urban markets” said Sanjeet Dawar, managing director, CRIF High Mark.
According to Acuite Ratings & Research, pure-play microfinance lenders in India will need to raise fresh capital in FY25 to sustain their growth momentum. Acuite projects the country's microfinance portfolio to reach Rs 4 lakh crore by March 2024. The non-banking finance company-microfinance institutions (NBFC-MFIs) experienced a compounded annual growth rate of 24.6% in FY21-23 and increased their market share to 39.7%.
Pandemic-hit microfinance sector seeks govt aid.